During a speech in the European Parliament, a clip from which Wallace posted to Twitter, he insisted that the EU, led by Washington, was refusing to “take the option of Peace seriously” amid the ongoing conflict with Russia.
Instead, Wallace said, the EU was standing by and watching "the slaughter and devastation" continue.
"The Global South is not on board with helping this proxy war persist, because it makes no sense," Wallace said, adding that it is "increasingly clear that Ukraine is being sacrificed for the obsessions of the US establishment."
The Irish MEP said the only people benefiting from the conflict were "weapons manufacturers and Western corporations," which he claimed were “buying up Ukraine now for a pittance.”
"The Russian invasion is criminal, but the manner in which the West has been dealing with this has also been criminal," he concluded.
Russia has repeatedly said it is open to talks with Ukraine if its leaders accept what the Kremlin calls the "reality on the ground," referring to the status of the Donetsk and Lugansk People’s Republics, as well as Kherson and Zaporozhye Regions, which voted to join Russia in public referendums last autumn.
Ukrainian President Vladimir Zelensky has floated a ten-point "peace formula" that would require Moscow to withdraw all of its troops from the territory Kiev claims as its own. However, Russia has rejected that proposal as unrealistic.