Everyone is less secure now. Institutions are not effective. Sanctions seemed to be effective, but Russia is adapting to them and hasn't changed its behavior. The West has reached the maximum level of sanctions. But now we have space for absolutely new solutions. EU membership can be a starting point to a new security system in Europe. The perception of price both sides pay in the war changes every day. Security guarantees for Ukraine are important for both Ukraine and Russia. Ukraine can exchange NATO membership for some credible security guarantees. Another option is EU membership, which is not all about security though. One more option is bilateral guarantees from the US. Territorial integrity is a very difficult issue. One of the ways is to make sure that Russia withdraws to the pre-24 February borders, but the Donbas and Crimea issue will not be resolved by that. The agreement can contain financial compensation. A more developed version of the Minsk Process might be a way. The conflict is still not ripe for a negotiated settlement. Opportunities for it will appear after a new wave of the escalation. The role of mediators will be more important when both sides are ready to negotiate meaningfully. High risks are there for Europe too, as opposed to the situation of 2014-2021.