Senior Research Fellow, Head of Economics
Black Sea talks yield an uneven outcome. While framed as mutual restraint, the arrangement strengthens Russia’s position without imposing meaningful limits on its actions
Putin seeks negotiations on his terms while using conflict to weaken the West. A ceasefire remains distant, but the Kremlin aims to maximise its leverage
Putin views a ceasefire as a tool for securing Western concessions. Moscow seeks to weaken Ukraine through negotiations while keeping the option of war open
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