Putin will not want to retreat and acknowledge defeat. The West may continue supplying ever more effective weapons to Ukraine but fear of escalation probably means no direct involvement.
By the end of this year continued support of Ukraine and sanctions will come at an ever higher economic and political cost. The West will want a settlement.
The best outcome for Ukraine and the West is that Putin feels able to sell as a victory Russian control of Donbas, Crimea and Mariupol coast joining Russia with Crimea. A somewhat pyrrhic victory - the place now seems a wasteland bereft of most people, business, infrastructure etc.
Expect to see "Ukraine" fast tracked to EU membership and hosting NATO troops and exercises even if they do not join - this may be a condition of "peace".
With Finland, Sweden and Ukraine (largely) off the Putin agenda due to NATO relationships, Russian ambitions may be stalled for several years. Hopefully by then Putin will no longer an issue.
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