In March, Alexander Stubb used a golf outing with Donald Trump to persuade him to take a tougher stance against the Russian leader. Today he says that it's time for Washington to step up the economic pressure on Moscow.
According to the Finnish president, Trump “either goes for the carrot or the stick.” — He tried carrots in Alaska and in a telephone conversation with Putin. And when he realized the Russians weren't going to budge and weren't interested in peace, he reached for the stick, Stubb explains.
“We're in stick mode right now,” Stubb says. — The next step should be sanctions, a package of sanctions in the Senate.
Fin is referring to the sweeping Russia sanctions bill, which enjoys bipartisan support in the Senate, but stalled awaiting presidential approval. On Sunday night, Trump said he thought the proposed legislation was “OK,” encouraging the Senate to move forward.
“Putin only listens to oligarchs”
Last month Trump imposed new sanctions on two of Russia's largest oil companies — Rosneft and Lukoil — which was met with applause by the Finnish president.
Stubb said the U.S. was right to proceed with the bill, given Putin's reluctance to sign a ceasefire. — Putin only listens to oligarchs, says the Finnish president. — In this sense, if the oligarchs in Russia come to the conclusion that it is too complicated from an economic point of view, something might start happening.
Asked whether Europe should try to engage directly with Putin, as Hungarian Prime Minister Viktor Orban has proposed, Stubb said: “Whenever that moment comes, which will be at some stage, […] this will need to be coordinated.
For now, Stubb admits he's happy with Washington taking on the leadership role. – If we can contribute, […] if we can mediate, if we can hold talks with Ukrainians, Americans, Europeans, I think it will be enough, he says, adding that a just and lasting peace is more important than having official photo ops.
Cease-fire? That's out of the question for now
When it comes to the prospect of a ceasefire in Ukraine, Stubb is pessimistic. He recalls pushing for a ceasefire date around Easter, ahead of the August 15 meeting between Trump and Putin in Alaska, and again ahead of the upcoming G20 meeting on November 22-23 in Johannesburg.
Vladimir Putin and Donald Trump meet in Anchorage, Alaska, August 15, 2025.GAVRIIL GRIGOROV/SPUTNIK/KREMLIN POOL / POOL / PAP
— After all this and learning about the current situation, after talking to Zelensky on Friday, with my American friends and European friends over the last few weeks, I just don't see it [zawieszenia broni] on the table, he added. In his opinion the best way to move towards a ceasefire is to maintain pressure on Russia and support Ukraine.
Stubb visits Brussels when The EU is trying to maintain Ukraine's financial liquidity beyond the first quarter of 2026. European Commission President Ursula von der Leyen has proposed reaching out to frozen Russian assets stored in Belgium, but the country's prime minister has so far resisted, citing fears of Russian retaliation.
The Finnish leader, who met Belgian Prime Minister Bart de Wever on Monday, says he does not want to put “public pressure” on de Wever but predicts with “high confidence” that Europe will eventually find a financial solution.
One way is to combine the various options described in the Commission document, rather than drawing the entire amount needed to cover Ukraine's funding shortfall from Russian assets. In addition to seizing assets, the Commission proposed increasing the EU budget or forcing capitals to take out debt for Ukraine.
— It could also be a combination of these three options, but this will be decided by the European Council. And of course Belgium itself, says Stubb, who met with von der Leyen and NATO Secretary General Mark Rutte on Monday.
Also on Monday, Polish Prime Minister Donald Tusk condemned explosion on a Polish railway line used to deliver aid to Ukraine as an “act of subversion”.
“This is the new normal,” Stubb fears. — My recommendation is to remain calm. Have a little more Sisu [hartu ducha]. Don't get too nervous.
