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Finland President Alexander Stubb Talks Ukraine, AI & UN General Assembly artwork

Finland President Alexander Stubb Talks Ukraine, AI & UN General Assembly

Bloomberg Talks

September 22, 2026

Finland President Alexander Stubb says the Ukraine war has moved into a better position for Kyiv compared with a year ago, citing stronger military, political and financial footing.

Speakers Romaine, Annemarie Hordern, Alexander Stubb

TopicsBusinessNewsBusiness News

SPEAKER_1 (0:02)

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Romaine (0:07)

The 81st UN General Assembly has kicked off here in New York, bringing some of the world's biggest leaders to midtown Manhattan, and that includes the president of Finland, Alexander Stubb, who's sitting down right now in the UN Rose Garden with Annemarie Hordern. Annemarie?

Annemarie Hordern (0:25)

Thank you so much, Romaine. That's right, we're joined by the president of Finland, Alexander Stubb, an individual that has a very close relationship with both US President Donald Trump as well as the Ukrainian President Volodymyr Zelensky. Can you give us a sense of where we are right now in the peace negotiations? Because earlier this summer, you were pretty optimistic.

Alexander Stubb (0:44)

Yeah, I think we're in a much better place in general than we were a year ago. So I think Ukraine is in a better place militarily, politically and financially.

And now we have restarted the peace negotiations again. Jared Kushner, Steve Wittkopf and John Radcliffe went to Moscow and then later on to Kiev. So there's a lot of shuttle diplomacy going on. I think people are looking for some kind of a partial ceasefire before the winter. I think that's what President Trump and others are working on right now.

Annemarie Hordern (1:12)

When it comes to the potentially getting to that ceasefire, how much has there been a renewed effort of late because of the very sky-high energy prices?

Alexander Stubb (1:23)

Part of it, I would argue. I mean, that's why we see some conversation about Ukraine hitting Russian oil refineries, but that's also of course linked then to the war in the Middle East. But I think it's because Ukraine is on top on the battlefield. So you could say that Ukraine is winning. I hate to be morbid, but the killing ratio is one to five right now. And it's a stalemate in terms of land acquisition, because this year, the Russians have acquired 900 square kilometers of land from Ukraine, but Ukraine has taken 800 square kilometers back. So I think the message that we have to the Russians is, listen, you guys are not gonna win this, so let's try to end it. Zelensky wants peace, Trump wants peace, and now we need to get Putin to the peace table.

Annemarie Hordern (2:06)

When it comes to, though, Ukraine being able to hit deep into Russian territory, hitting refineries even in Moscow, the president, according to the Financial Times, had a phone call with Zelensky before they met here, and his message was diesel, diesel, diesel. And even Emmanuel Macron is saying he wants to see a moratorium for both sides, not hit energy infrastructure. What's Europe's message to Kiev about hitting Russian refineries?

Alexander Stubb (2:29)

Well, I think it would have to be a tit for tat, so if there was a partial ceasefire, then the message would probably be, okay, if Ukraine doesn't hit oil refineries, then Russia should not hit energy and electricity installations in Ukraine, especially as winter is coming. So, you know, you can't, it's six to one, half a dozen of the other, and it has to be a transactional deal.

Annemarie Hordern (2:50)

So if Ukraine says, I agree to not hit energy infrastructure, for you to back that, Russia also needs to agree?

Alexander Stubb (2:56)

Yeah, definitely. And then, of course, the track record there is not that good. I mean, Russia keeps on hitting civilian targets, basically, mostly.

Whereas, Ukraine hits, yes, energy installations in terms of oil refineries, and then logistical centers. But these are two money making machines for the Russian war machine. And in that sense, you know, I understand where Zelensky is coming from.

Annemarie Hordern (3:19)

We caught up in Ankara, Turkey in July, and your main message there was that Ukraine needs patriot missiles.

Alexander Stubb (3:25)

Yeah.

Annemarie Hordern (3:26)

Has it changed?

Alexander Stubb (3:27)

No, there are three things that Ukraine needs. One is air defense.

And the second one is energy installations for the winter. And the third one is money. So Finland gave 300 million package. I think it was our 34th package to Ukraine, which was about critical air defense. But obviously, that's not going to be enough. So the countries that have patriots and other types of anti-ballistic systems, and Ukraine desperately needs those.

Annemarie Hordern (3:55)

In July, at the NATO meeting, the big push from a lot of allies was to get the United States to agree to allow Ukraine to produce patriot missiles on Ukrainian soil. What happened to that? Are we any closer?

Alexander Stubb (4:10)

Well, I don't know the latest, because I haven't spoken to Zelensky. But as we speak, I think he had a meeting with Trump, which ended about an hour ago.

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