A peace deal that’s almost done, and a war that refuses to end. That’s where Ukraine stands as 2025 turns into 2026. After high-stakes meetings in Florida, Donald Trump says Ukraine and Russia are closer to peace than ever. Volodymyr Zelensky nods, cautiously. Drafts are exchanged. Frameworks are agreed. Security guarantees are discussed. Smiles for the cameras. And yet, missiles are still flying. So what’s really happening behind the scenes of this “near-final” deal? Why does optimism in diplomacy not translate into calm on the battlefield? And what are the unresolved issues powerful enough to keep Europe’s bloodiest war since World War II alive? In this episode of Grey Zone, Ananya Dutta looks beyond the headlines and into the fault lines of the negotiations – the land disputes, the security guarantees, the ceasefire debate, and the growing mistrust between allies.