The latest round of diplomacy concerning Ukraine casts light on Russian President Vladimir Putin's current mood and intentions. Indications show that he is not prepared to sign a peace deal at this time, as he has not found any version of compromise that suits his needs.
During the discussions in Moscow, involving U.S. envoy Steve Witkoff and Jared Kushner, Kremlin aide Yuri Ushakov noted, 'No compromise version has yet been found.' This is hardly surprising, given recent tough statements from Putin. He has characterized the Ukrainian leadership as a 'thieving junta,' and has accused European leaders of sabotaging efforts for peace while insisting Russia retains battlefield initiative.
Despite immense battlefield losses and economic strain following nearly four years of full-scale invasion, Putin continues to express confidence in his military strategy, which he believes is bringing success. He aims to project to the West and his opponents that he is unstoppable in achieving his goals, reinforcing his image with public displays of military engagement.
However, economic pressures are becoming increasingly pronounced, with declining revenues from oil and gas contributing to growing budget deficits. While Putin acknowledges these economic imbalances, he remains resolute. The critical question now is: Will economic realities influence the Kremlin's military calculations moving forward?
