Salient to Investors:

Leonid Bershidsky writes:

  • The cease-fire deal is as close to a deal on Putin’s terms as decency allows and too contradictory to work long-term. However, even if the truce fails, it is clear there is a strong will to look for a lasting solution.
  • Ukraine is unlikely to be able to join NATO anytime soon.
  • Putin’s ultimate goal to keep Ukraine within Russia’s orbit economically and politically could not have achieved without a decisive military victory.

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