What did Zelenskyy, Macron, and Starmer actually agree to?

They backed intent for a conditional European peacekeeping force that could deploy only if a ceasefire holds and Ukraine requests support. It is not an automatic troop deployment. Partners still need to define mandate, size, rules of engagement, funding, and command. Parliamentary and legal reviews will follow in each country.

Could German troops enter Ukraine under this plan?

Germany signals support mainly from NATO territory, focusing on training, logistics, and air defense. Any armed deployment inside Ukraine would require a Bundestag mandate and strict legal reviews. Political backing for a mission does not equal approval to send troops. Scope depends on mandate language and risk assessment.

How might US security guarantees affect the mission?

US security guarantees shape deterrence and operational confidence. Likely contributions include intelligence, surveillance, logistics, and planning. A direct ground role appears less likely at this stage. Clearer US commitments would lower uncertainty for partners, influence Russia’s calculus, and affect energy and FX risk premia in Europe.

What are the key market implications for Germany?

Headline risk will drive Bund yields, the euro, and EUR‑denominated energy prices. Investors should watch ceasefire durability, mission mandate, and German budget signals on defense outlays. Clear timelines and verification could ease risk premia. Any escalation or legal delays could widen volatility across rates, FX, and energy.

How would a European peacekeeping force be funded and controlled?

Funding would mainly come from national budgets, with possible EU instruments for support items. Control would rest with participating states under a common headquarters. Partners must agree on rules of engagement, oversight, and exit criteria to limit risks and keep coordination with Ukraine’s command effective.

Law and Government

January 08: Zelenskyy, Macron, Starmer Back Ukraine Force Plan

ByDanny Kontos January 8, 2026January 8, 2026

Zelenskyy secured political backing from France and the UK for a conditional European peacekeeping force linked to Ukraine ceasefire plans. For German investors, the debate matters for energy risk, euro moves, and defense budgets. Berlin signals support mainly from NATO territory, while US security guarantees remain unclear. We outline what was agreed, Germany’s legal boundaries, likely command setups, and near-term market implications in Germany. Clarity on scope, mandate, and funding will shape risk premia if a ceasefire takes hold and tensions ease or flare.