Europeans join Abu Dhabi talks in bid to thwart Russian security demands

Also in this newsletter: EIB and investors to channel over €10bn to help grow tech companies into global champions

Good morning. A scoop to start: Klaas Knot, one of two contenders to become the next European Central Bank president, is open to devising new tools potentially necessary to fight a European debt crisis if he is appointed, he told the FT in an interview.

Today, I report on Europe's participation in the Ukraine peace talks in Abu Dhabi, and our tech correspondent reveals a €10bn investment plan by the European Investment Bank into the continent's scale-ups.

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Invited

Senior European officials will participate in talks on the Ukraine war in Abu Dhabi on Tuesday and Wednesday, as part of efforts to bolster Ukraine's leverage and thwart Russian efforts to use the US-led negotiations to rewrite Europe's security architecture.

Context: US President Donald Trump has vowed to end the war in Ukraine, which was started by Russia's February 2022 invasion, but his administration's peace efforts have struggled to make inroads. Today's talks were originally envisioned as US-Russia-Ukraine negotiations.

The national security advisers of France, Germany and the UK plus the chiefs of staff to the European Commission president and Nato secretary-general are also set to take part in sections of the Abu Dhabi talks, according to three people briefed on the preparations.

European demand for involvement was partially spurred by statements last week by Trump and Jared Kushner, his son-in-law and peace envoy, suggesting that wider European security architecture could be part of the deal.

Russia has long demanded a say over sovereign issues such as Nato exercises, deployments and weapons systems in eastern Europe -- a prospect that is anathema to European capitals, which see it as a return to cold war-esque spheres of influence.

Kushner's reference to a new post-conflict "framework" for the continent was not discussed in advance with European capitals, two officials said. European governments are insistent that any discussions on European security ex-Ukraine must only follow peace negotiations with Kyiv, not be simultaneous.

"In recent weeks Europeans have made their voices heard, expressing to the American mediator that no discussion concerning the future of the continent can disregard our expectations and demands," French foreign minister Jean-Noël Barrot told RTL yesterday.

The detailed choreography of today's talks is unclear, but is likely to feature multiple meetings of various participants, depending on the topic. The officials said that discussions on security guarantees provided to Ukraine and a postwar economic recovery package were most pertinent for European attendees.

Since Trump's return to power, Europe has struggled to define both who should speak for the continent regarding Ukraine and what they should say.

That problem has been exacerbated in recent weeks as Trump's envoys have seemingly increased their effort to engage with the conflict, prompting a scathing critique of Europe's "disjointed, uncoordinated manner" by Italian Prime Minister Giorgia Meloni last week. EU leaders will discuss how to better structure their approach at a summit on Friday.

Rustem Umerov, head of Ukraine's foreign intelligence service, will lead Kyiv's delegation at the Abu Dhabi talks, while Russia's will feature deputy foreign minister Sergei Ryabkov and Kremlin aide Vladimir Medinsky.

Chart du jour: Fake victories

Russia's military is using deepfake videos to claim battlefield success, publishing content that researchers say has been manipulated.

Mobilising capital

The European Investment Bank has joined forces with institutional investors and six EU governments to channel over €10bn to help its most promising tech companies grow into global champions, writes Barbara Moens.

Context: Brussels is stepping up efforts to prevent innovative start-ups, especially in tech, from leaving the continent in search of funding. The bloc wants to reduce its reliance on American technology and foster homegrown companies in strategic sectors, such as AI or quantum computing.

In an initiative set to be announced on the sidelines of a meeting of EU finance ministers today, the EIB will announce €10bn in new equity investments into European scale-ups.

The bank has teamed up with investors such as Banco Santander, ABN Amro, Green Arrow Capital and Danske Bank Group, with the first investment announcements expected in the coming weeks.

The initiative builds on the European Tech Champions initiative, which launched in 2023 with France, Germany, Spain, Italy and Belgium. It has backed 15 venture capital megafunds investing in fast-growing innovative companies and has already supported more than 50 EU-based companies.

"Europe has world-class talent, innovative companies and technological leadership. The European Tech Champions alliance is a catalyst to mobilise capital at scale to turn Europe's most promising companies into global leaders," said Nadia Calviño, the president of the EIB.

What to watch today

* G7 foreign affairs ministers meet in Paris.

* Eurozone finance ministers meet in Brussels to discuss candidates for the next ECB president.

* Mark Rutte, Nato secretary-general, meets EU finance ministers to discuss joint weapons procurement efforts.

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* Passport delays: The EU has sued IBM and two European companies over repeated delays in developing its new smart border system.

* No longer hybrid: Estonia's interior minister has said Russian acts of aggression in Europe should be considered "state-sponsored terrorism".

* European alternative: A Dutch start-up founded by former Palantir alumni has raised $300mn at a $1.3bn valuation.