version” after five hours of talks in Moscow with US envoy Steve Witkoff and Jared Kushner, signaling that Moscow remains unreconciled with negotiated terms.

Putin’s public posture in recent days reinforces a hard line: he has labeled the Ukrainian leadership as a “thieving junta,” accused European leaders of undermining peace efforts, and asserted Russia’s battlefield initiative. Russian state media has shown him in military fatigues, poring over front-line maps and touting battlefield gains that are often disputed by Kyiv and observers. Taken together, these signals portray a leader convinced he is advancing toward his aims and that the moment to pause or concede is not yet ripe.

There is a stark contrast between the image Putin seeks to project and the reality of sustained costs. Russia continues to wage war despite heavy losses and a strained economy. Sanctions persist, revenues from oil and gas are under pressure, and the budget deficit is widening. Putin himself has acknowledged economic “imbalances” and slower production in several sectors, questioning satisfaction with current trends.

The big unresolved question is timing: at what point would economic strains or battlefield realities push Moscow to alter its course? As long as Moscow perceives advantages on the ground and remains insulated from immediate consequences, the likelihood of a meaningful shift toward compromise remains uncertain. The balance between continued pressure and the consequences of prolonged conflict will likely shape Putin’s calculus in the near term. (BBC)