Imperium 2.0. Putin has spent 20 years attempting to achieve what Donald Trump has now handed to him on a plate

This reflects Ukraine’s growing role in the European super grid,

Dent says, with exports of electricity sent mainly to Moldova, Hungary and Romania

The nature of any peace agreement may also play a key role in shaping how quickly Russian energy flows return.”

He adds

There has been some sanctioning of people who have made sure ‘grey ships’ get illicit Russian oil to its destination, but this will have been considered worth it, knowing that one day a deal would need to be done,

he said

For as long as this equilibrium remains intact, Russia will be able to generate the necessary economic resources to sustain enough military power to wage war in Ukraine and, over the longer term, to rearm for a prolonged confrontation with the West. Any hopes that its economic vulnerabilities will bring it to the negotiating table are therefore unlikely to be realised,

he says

That could limit the amount of capital that investors may be willing to commit to Ukraine’s reconstruction. It could also have negative effects on economies in the region if the perceived risk of doing business on Nato’s eastern border increased. The need for higher defence could put pressure on already stretched fiscal positions,

he said

When you engage in actual fighting, if victory is long coming, then men’s weapons will grow dull and their ardor will be damped. If you lay siege to a town, you will exhaust your strength."

As Sun Tzu warned