This analysis here from early March enumerated the five reasons why Putin might agree to a ceasefire and the five reasons why he might not. As for why he might: Russia wants to avert disproportionate dependence on China; it also wants to beat China to the chase with the “New Détente”; the “New Détente” could geopolitically revolutionize the world; additional (and even secret) terms might be attached to the ceasefire; and Putin might really believe that Trump is serious about further escalating.
At the same time, he might still hold firm in his opposition to a ceasefire unless his terms from June 2024 are first met because: Russia wants to liberate all occupied territories; the front lines might soon collapse to Russia’s benefit; Russia wants to scare away Western peacekeepers from deploying to Ukraine; some of the Russian public don’t want a ceasefire; and Putin might really believe that Trump is bluffing about further escalating per the “TACO” theory.
On the other hand, he might still hold firm in his opposition to coercing Zelensky into Putin’s demanded concessions for peace because he: believes that any further escalation would be manageable; is still under the influence of warmongers like Lindsey Graham; believes that he can coerce concessions from Putin; expects that his new EU vassals and the UK will contribute to his potential escalation plans; and hopes that he’ll win the Nobel Peace Prize if he gets Putin to agree to a totally lopsided deal.
Everyone will soon discover whether it was Putin or Trump who miscalculated by not ending the conflict earlier, but they shouldn’t forget that while “China Might Not Want Russia To Lose, It Might Not Want Russia To Win Either”. As such, China might try to beat Russia to the chase in clinching a “New Détente” with the US, which could decelerate or even offset Trump’s “Pivot (back) to (East) Asia”. All that’s known for sure is that the coming week will reveal a lot about the factors that drive those three’s policies.
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