Military chiefs from around the world will meet next week to discuss the “operational phase” of protecting Ukraine as part of a peacekeeping force, Sir Keir Starmer has announced.
The prime minister hosted a virtual meeting of the “coalition of the willing” on Saturday, which involved leaders of 26 nations, including Ukraine, plus the EU and NATO, to discuss ending the war in Ukraine.
Speaking after the 90-minute meeting, Sir Keir revealed military chiefs from the group of Western nations would meet on Thursday as they move “into an operational phase”.
He said they would draw up plans to help secure Ukraine “on the land, at sea and in the sky” if a peace deal can be agreed with Russia.
The day before, Ukraine President Volodymyr Zelenskyy accepted a proposal for a 30-day interim ceasefire as Russia agreed to an end to fighting, however, President Vladimir Putin said “lots of questions” remain over the proposals.
Image: Sir Keir Starmer hosting a video conference call of the ‘coalition of the willing’. Pic: PA
Notably absent from Saturday’s call was US President Donald Trump, but Sir Keir reiterated any peace deal requires a US backstop.
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He said the UK is talking to the US “on a daily basis” and there is a “collective resolve” to end the war, which has been shown by the “momentum we’re building up now” by the many allied countries being “on the same page” both politically and militarily.
He said Thursday’s meeting of military chiefs “is very much an operational planning meeting”.
The PM added the “coalition of the willing” had increased in size since leaders met for the first time just under two weeks ago at Lancaster House in London.
Italian Prime Minister Georgia Meloni was the most notable addition after reports she would “shun” the meeting because she is “not convinced” by the Anglo-French plan to send European peacekeepers to Ukraine.
Image: On Friday, a Russian drone attack set a civilian hospital in Zolochiv, Kharkiv region, on fire. Pic: Ukrainian Emergency Service via AP
PM dodges what rules of engagement would be
Answering a question from Sky News’ deputy political editor Sam Coates on what the rules of engagement would be for troops on the ground as part of a peacekeeping process, Sir Keir said the meeting will set that out.
He said he has already indicated he wants the UK “to play a leading role” in the provision of troops and air power, while other countries will have different capabilities.
But, he said a peace deal needs to be achieved first, which requires more pressure on Russia.
“If there’s going to be lasting peace, there’s going to have to be security arrangements,” the PM said, noting that Putin has previously broken a peace deal with Ukraine.
‘World needs action, not a study’
Sir Keir also said on the call that the gathering of leaders rejected Mr Putin’s “yes, but” approach, in reference to the Russian president saying he would agree to a ceasefire but there must be a “study” into how that would look.
The prime minister said: “The world needs action, not a study, not empty words and conditions. So my message is very clear. Sooner or later, Putin will have to come to the table.
“So this is the moment that the guns fall silent, that the barbaric attacks on Ukraine once and for all stop and agree to a ceasefire now.”
The PM revealed seizing Russian assets was discussed in the meeting but said it was “a complicated question”.
While Sir Keir Starmer’s coalition of willing world leaders weren’t standing literally shoulder to shoulder at this morning’s meeting, their united presence still sent a powerful message of support to the Ukrainians after another tumultuous week.
It was clearly important to make a united statement of conviction that the Ukrainians are the “party of peace”, willing to sign up to a ceasefire without conditions, and the Russians, therefore the de facto party of war, delaying a ceasefire and continuing with their “barbaric attacks”.
But what of the “concrete commitments” Sir Keir said he wanted to secure from the meeting?
While the PM said new commitments had been made, he gave no specific details beyond insisting the coalition would be moving into an “operational military planning” phase, with a meeting of military leaders to be held in the UK.
He had no detailed answer to Sky News’ deputy political editor Sam Coates’ question about what power any troops deployed as part of the coalition of the willing would actually have to police any deal, arguing he was willing for UK forces to play a leading role but that operational capabilities will be discussed on Thursday.
Today’s messages were directed at both Russia and the US. Starmer insisted Russia would be forced to the table sooner or later – by the increased military support given to the Ukrainians and through the threat of greater economic sanctions. The long-held hope of seizing frozen Russian assets was also discussed, he said.
And as for his audience in the White House, the PM was demonstrating again that Europe and its allies have been listening to his calls to do more to shoulder the burden of defending Ukraine – and themselves.
But his argument that no peace deal can be secure and lasting without American security guarantees is unchanged. He reiterated all this needs to be done “in conjunction with the United States” and said his team are in daily talks with Washington.
For all the political power assembled online today, the absence of the US is as striking as ever. Despite that, progress continues.
Zelenskyy accuses Putin of lying to everyone
President Zelenskyy revealed he addressed the meeting and told them the path to peace “must begin unconditionally” and if Russia does not want to do that “then strong pressure must be applied until they do”.
He said the 30-day ceasefire proposal from the Americans negotiating in Saudi Arabia with the Russians has been on the table since Tuesday but accused Mr Putin of “lying to everyone” about the situation on the ground and about how a ceasefire is “supposedly too complicated”.
The Ukrainian leader pleaded with the West to “define a clear position on security guarantees” and for European nations to invest in defence so the continent has “its arsenals and the capability to produce the most advanced weapons”, and to strengthen air defence.
Mr Zelenskyy suggested another coalition of the willing meeting will be held in a week’s time.
Image: Volodymyr Zelenskyy called for ‘strong pressure’ to be applied to Mr Putin until he accepts the ceasefire deal. Pic: Reuters
Who is part of the ‘coalition of the willing’?
The leaders involved in Saturday’s call were from: Australia, Belgium, Bulgaria, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Spain, Sweden, Turkey, Ukraine and the UK.
NATO Secretary General Mark Rutte, EU Commission President Ursula von der Leyen and EU Council President Antonio Costa also joined.
Prediction markets Polymarket and Kalshi view Kevin Hassett, US President Donald Trump’s National Economic Council director, as the favorite to replace Jerome Powell as the next Federal Reserve chair.
The odds of Hassett filling the seat have spiked to 66% on Polymarket and 74% on Kalshi at the time of writing. Hassett is widely viewed as crypto‑friendly thanks to his past role on Coinbase’s advisory council, a disclosed seven‑figure stake in the exchange and his leadership of the White House digital asset working group.
Founder and CEO of Wyoming-based Custodia Bank, and a prominent advocate for crypto-friendly regulations, Caitlin Long, commented on X:
“If this comes true & Hassett does become Fed chairman, anti-#crypto people at the Fed who still hold positions of power will finally be out (well, most of them anyway). BIG changes will be coming to the Fed.”
Hassett is a long-time Republican policy economist who returned to Washington as Trump’s top economic adviser and has now emerged as the market-implied frontrunner to lead the Fed.
His financial disclosure reveals at least a seven‑figure Coinbase stake and compensation for serving on the exchange’s Academic and Regulatory Advisory Council, placing him unusually close to the crypto industry for a potential Fed chair.
Still, crypto has been burned before by reading too much into “crypto‑literate” resumes. Gary Gensler arrived at the Securities and Exchange Commission with MIT blockchain courses under his belt, but went on to preside over a wave of high‑profile enforcement actions, some of which critics branded as “Operation Chokepoint 2.0.”
A Hassett-led Fed might be more open to experimentation and less reflexively hostile to bank‑crypto activity. Still, the institution’s mandate on financial stability means markets should not assume a one‑way bet on deregulation.
The Hassett odds have jumped just as the Fed’s own approach to bank supervision has received pushback from veterans like Fed Governor Michael Barr, who earned his reputation as one of Operation Chokepoint 2.0’s key architects.
According to Caitlin Long, while he Barr “was Vice Chairman of Supervision & Regulation he did Warren’s bidding,” and he “has made it clear he will oppose changes made by Trump & his appointees.”
On Nov. 18, the Fed released new Supervisory Operating Principles that shift examiners toward a “risk‑first” framework, directing staff to focus on material safety‑and‑soundness risks rather than procedural or documentation issues.
In a speech the same day, Barr warned that narrowing oversight, weakening ratings frameworks and making it harder to issue enforcement actions or matters requiring attention could leave supervisors slower to act on emerging risks, arguing that gutting those tools may repeat pre‑crisis mistakes.
Days later, in Consumer Affairs Letter 25‑1, the Fed clarified that the new Supervisory Operating Principles do not apply to its Consumer Affairs supervision program (an area under Barr’s committee as a governor).
If prediction markets are right and a crypto‑friendly Hassett inherits this landscape, his Fed would not be writing on a blank slate but stepping into an institution already mid‑pivot on how hard (and where) it leans on banks.
HashKey Holdings, the parent company of one of Hong Kong’s biggest licensed crypto exchanges, moved a step closer to a public listing, according to new filings from the Hong Kong Stock Exchange (HKEX).
On Monday, the HKEX published a 633-page post-hearing information pack for HashKey Holdings. The document was published at the request of The Stock Exchange of Hong Kong Limited and the local financial regulator, the Securities and Futures Commission (SFC).
A post-hearing information pack is only published after HKEX’s listing committee formally clears an applicant at the listing hearing. In other words, without explicitly stating it, this document indicates that HashKey has moved closer to listing on the exchange and is progressing toward its initial public offering (IPO).
At the same time, the document stressed that the deal is not yet finalized. “The listing application referred to in this document has not yet been approved; the HKEX and the SFC may accept, return, or reject the public offering and/or listing application.”
This is standard HKEX disclaimer language and does not contradict HashKey’s approval. Instead, it refers to the listing being dependent on completing the offering documents.
Hong Kong Exchange trade lobby in 2007. Source: Wikimedia
HashKey’s IPO is likely to attract significant attention
The news follows early October reports that HashKey was aiming for an IPO and a listing in Hong Kong this year. At the time, the report was largely based on rumors, citing anonymous sources with purported knowledge of the matter.
HashKey is Hong Kong’s top crypto exchange with a 24-hour volume of nearly $108 million at the time of writing, according to CoinGecko data. The information pack also listed the world’s top bank, JPMorgan, and local financial institutions Guotai Junan International and Haitong International as joint sponsors for the listing.
Interest in the offering is likely high, considering that in mid-February, China-based Gaorong Ventures reportedly invested $30 million in HashKey, granting it unicorn status. The pre-money valuation of the investment was purportedly almost $1.5 billion, but reports cited unidentified sources that could not be independently verified.
This was followed by reports in late October that Chinese technology giants, including Ant Group and JD.com, had reportedly suspended plans to issue stablecoins in Hong Kong due to regulatory concerns. On Saturday, the People’s Bank of China — mainland China’s central bank — said after a meeting with 12 other agencies that “virtual currency speculation has resurfaced,” reiterating that “virtual currency-related business activities constitute illegal financial activities,” in line with its 2021 ban on crypto trading and mining.
Sony Bank, the online lending subsidiary of Sony Financial Group, is reportedly preparing to launch a stablecoin that will enable payments across the Sony ecosystem in the US.
Sony is planning to issue a US dollar-pegged stablecoin in 2026 and expects it to be used for purchases of PlayStation games, subscriptions and anime content, Nikkei reported on Monday.
Targeting US customers — who make up roughly 30% of Sony Group’s external sales — the stablecoin is expected to work alongside existing payment options such as credit cards, helping reduce fees paid to card networks, the report said.
Sony Bank applied in October for a banking license in the US to establish a stablecoin-focused subsidiary and has partnered with the US stablecoin issuer Bastion. Sony’s venture arm also joined Bastion’s $14.6 million raise, led by Coinbase Ventures.
Sony Bank has been actively venturing into Web3
Sony Bank’s stablecoin push in the US comes amid the company’s active venture into Web3, with the bank establishing a dedicated Web3 subsidiary in June.
“Digital assets utilizing blockchain technology are incorporated into a diverse range of services and business models,” Sony Bank said in a statement in May.
“Financial services, such as wallets, which store NFT (non-fungible tokens) and cryptocurrency assets, and crypto exchange providers are becoming increasingly important,” it added.
Sony Bank established a Web3 subsidiary with an initial capital of 300 million yen ($1.9 million) in June 2025. Source: Sony Bank
The Web3 unit, later named BlockBloom, aims to build an ecosystem that blends fans, artists, NFTs, digital and physical experiences, and both fiat and digital currencies.
Sony Bank’s stablecoin initiative follows the recent spin-off of its parent, Sony Financial Group, which was separated from Sony Group and listed on the Tokyo Stock Exchange in September.
The move was intended to decouple the financial arm’s balance sheet and operations from the broader Sony conglomerate, allowing each to sharpen its strategic focus.
Cointelegraph reached out to Sony Bank for comment regarding its potential US stablecoin launch, but had not received a response by the time of publication.