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Sir Keir Starmer has for the first time said it was British policy to “put Ukraine in the strongest possible position for negotiations”.

During a speech at the Lord Mayor’s Banquet in London on Monday, the prime minister said he wants Ukraine to be in a position of strength “so they can secure a just and lasting peace on their terms that guarantees their security, independence – and right to choose their own future”.

But make no mistake. This is a significant shift.

Only last month, both Sir Keir and French President Emmanuel Macron were promising to “support Ukraine unwaveringly and for as long as necessary to thwart Russia’s war of aggression”.

War latest: Things ‘look bad’ for Ukraine, key figure admits

In the summer, his predecessor Rishi Sunak stated British policy on Ukraine was based on the principle that “aggression cannot and will not prevail” while also talking of a just and lasting peace “based on international law and the UN charter”.

If negotiations happen and settle on some kind of compromise, as they always do, Russian aggression will have prevailed to some extent at least.

If Russia, as many seem to expect, walks away with de facto control of at least part of the chunk of Ukraine it has taken by force and wins a commitment Ukraine will not join NATO for the foreseeable future, Vladimir Putin will have been vindicated, at least in part.

His decision to wield naked unprovoked brutal aggression against a neighbour will have achieved some of its ends.

That Western leaders are now talking about negotiations between Ukraine and Russia will, say critics, be a sign of their abject failure to “thwart Russian aggression”.

A Ukrainian serviceman from an anti-drone mobile air defence unit fires a ZU-23-2 anti-aircraft cannon during combat, amid Russia's attack on Ukraine, in the Chernihiv region, Ukraine December 1, 2024. REUTERS/Maksym Kishka
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A Ukrainian serviceman fires an anti-aircraft cannon during combat in the Chernihiv region

A drone view shows an apartment building hit by a Russian drone strike, amid Russia's attack on Ukraine, in Ternopil, Ukraine December 2, 2024. Press service of the State Emergency Service of Ukraine in Ternopil region/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. TPX IMAGES OF THE DAY
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An apartment building hit by a Russian drone strike in Ternopil. Pics: Reuters

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The West failed to deter Russia from invading Ukraine, hoping the threat of “swift punitive” financial sanctions would suffice.

Then it failed to act with sufficient urgency and unity to help Ukraine repel that invasion.

Western leaders seem ready to accept inevitability of negotiations

Russia may be reaching the limit of its ability to support a war it is undoubtedly winning, drafting in North Korean and Yemeni troops to avoid an unpopular second mobilisation of Russians. And with inflation soaring the Russian economy is creaking.

But US President-elect Donald Trump seems determined to press on and expedite negotiations and other leaders, including Ukraine’s own and now Britain’s, seem ready to accept their inevitability.

Sir Keir gave the impression negotiations were around the corner. That could be jumping the gun. We have no idea when they will start, if they do.

For some, Sir Keir’s words will be overhasty.

Many would prefer Europe to hold the line even if the US is about to walk away from giving Ukraine the military support it has relied on for two years.

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IMF says El Salvador in talks to sell state-run Chivo Bitcoin wallet

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IMF says El Salvador in talks to sell state-run Chivo Bitcoin wallet

The International Monetary Fund’s mission chief for El Salvador issued a statement confirming that government authorities were proceeding with negotiations for the sale of the country’s Chivo Bitcoin wallet.

In a Monday statement, the IMF said El Salvador’s government was continuing to discuss its Bitcoin (BTC) project with the fund’s officials, and “negotiations for the sale of the government e-wallet Chivo are well advanced.” The announcement signaled that the government may be preparing to sell some or all of its crypto holdings in the Chivo wallet.

Bitcoin Price, IMF, Buy, El Salvador
Source: IMF

The statement followed a May deal with El Salvador in which the IMF would pay $120 million as part of a 2024 loan agreement for $1.4 billion. As part of the deal, the government would stop acquiring Bitcoin.

It’s unclear whether El Salvador is abiding by the terms of the deal. Though the IMF reported in July that the country’s government had not purchased any BTC since December 2024, El Salvador’s Bitcoin Office continues to announce crypto buys, including 1,090 Bitcoin worth about $100 million in November.

Related: CFTC changes guard as Selig takes reins, Pham departs

According to the terms of the IMF-El Salvador deal made public, the government would make public sector engagement of BTC-related economic activity “confined,” the private sector’s acceptance of Bitcoin would be voluntary, and it would wind down involvement in the Chivo wallet. Cointelegraph reached out to the IMF for comment but had not received a response at the time of publication.

El Salvador recognized Bitcoin as legal tender in 2021 and began acquiring the cryptocurrency as part of a strategy largely pushed by President Nayib Bukele. According to data provided by the country’s Bitcoin Office, the government held 7,509 Bitcoin as of Monday, worth about $659 million at the time of publication.

‘It’s not stopping,’ says Bukele on Bitcoin buys

Despite the reported deal between the IMF and El Salvador, Bukele said in March that the government would continue its Bitcoin investment strategy, purchasing at least one BTC daily. It’s unclear how the president’s statement could affect the IMF agreement.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice