Latest Ukraine talks reveal Putin’s mindset

What does the latest round of Ukraine diplomacy tell us about Russian President Vladimir Putin’s mood and intentions?

First, he was not ready to sign a peace agreement. At least, not yet.

It’s certainly not a deal on the table.

“A compromise version has not yet been found,” Kremlin foreign policy aide Yuri Ushakov commented after five hours of talks in Moscow with Putin, U.S. envoy Steve Witkov and Donald Trump’s adviser and son-in-law Jared Kushner.

The lack of compromise is not surprising, given the uncompromising rhetoric from Kremlin leaders in recent days.

In various statements, he has denounced Ukraine’s leadership as a “kleptocratic junta,” accused European leaders of trying to undermine peace efforts and insisted that Russia holds the initiative on the battlefield.

Recently, Russian television has repeatedly shown Putin in military uniform, studying frontline maps and touting military achievements, many of which have been denied by Ukrainian and international observers.

Nearly four years after Russia’s full-scale invasion of Ukraine, President Vladimir Putin appears convinced that he is winning the war and that now is not the time to stop, despite Russia being decimated on the battlefield and the Russian economy devastated.

At least, that’s what he wants the West to believe: nothing can stop him from achieving his goals now.

I’ve said before that Vladimir Putin reminds me in many ways of a car with no brakes, no steering wheel, no reverse gear; a car traveling at full speed on the highway.

Nearly four years into the all-out invasion of Ukraine, the “Putin car” still shows no sign of shutting down, turning around, or stopping.

He certainly wants his opponents to believe that nothing or no one can force him to change course: neither European leaders, nor the Trump administration, nor President Zelensky.

But cars need fuel (continuous supply).

Moreover, in order to fight the war, the country needs money (continuous supply).

Currently, despite international sanctions, the Russian government still has the ability to finance “special military operations” – the war in Ukraine. But economic pressures are growing: Oil and gas revenues have been falling and budget deficits are growing.

Even Putin acknowledged there was a problem, pointing to an economic “imbalance.”

“The output of some industries this year has not only not increased, but has declined,” Putin said this week. “Are we satisfied with this trend? Not satisfied.”

The big unknown: When, if ever, will economic concerns begin to affect the Kremlin’s calculations on the battlefield?