In the air-conditioned conference rooms of Abu Dhabi's Emirates Palace, diplomats from three nations sat down for a second straight day of talks that could — or could not — mark the beginning of the end of Europe's deadliest conflict since World War II.

Small Wins, Big Walls

The early signals were cautiously positive. Both sides agreed to a significant prisoner exchange — the largest since the war began four years ago. Ukrainian negotiator Rustem Umerov confirmed that hundreds of prisoners of war would be swapped in the coming weeks, a humanitarian gesture designed to build momentum.

US Secretary of State Marco Rubio, who is mediating, told reporters that "the checklist of open items has been substantially diminished." But he was careful to add: "We are cautiously optimistic, emphasis on cautiously."

The Territory Question

The elephant in the room remains unchanged. Russia insists that any deal must recognize its control over Crimea and the four Ukrainian regions it annexed in 2022. Ukraine calls this a non-starter. Neither position has moved an inch.

Meanwhile, the EU announced a €90 billion loan package to help Kyiv sustain its defense — a clear signal to Moscow that Europe will not let Ukraine be negotiated into surrender. Sweden is also in talks to supply advanced Meteor air-to-air missiles for Ukraine's new Gripen fighter jets.

What Happens Next

Talks are expected to continue through Friday. Even diplomats involved admit that a full peace agreement this week is unlikely. But the fact that all three parties are sitting in the same room, talking instead of fighting, is itself a development that seemed impossible just six months ago.