Jamie Dettmer is opinion editor and a foreign affairs columnist at POLITICO Europe.

Over the past few days, Ukraine has been hitting Russia back as hard as it can with long-range drone strikes, and it has three objectives in mind: lifting Ukrainian spirits as the country suffers blackouts from Russia’s relentless air attacks; demonstrating to Western allies that it has plenty of fight left; and, finally, cajoling Moscow into being serious about peace negotiations and offering concessions.

However, the latter is likely to be a forlorn endeavor. And at any rate, amid the ongoing diplomatic chaos, which negotiations are they aiming for?

U.S. President Donald Trump’s negotiators have been talking up the prospects of a peace deal — or at least being closer to one than at any time since Russia’s invasion began nearly four years ago. But few in either Kyiv or Europe’s other capitals are persuaded the Kremlin is negotiating in good faith and wants a peace deal that will stick.

German Chancellor Friedrich Merz certainly doesn’t think so. Last week, he argued that Russian President Vladimir Putin is just spinning things out, “clearly playing for time.”

Many Ukrainian politicians are also of a similar mind, including Yehor Cherniev, deputy chairman of the Committee on National Security, Defense and Intelligence of Ukraine’s Rada: “We see all the signals they’re preparing to continue the war, increasing arms production, intensifying their strikes on our energy infrastructure,” he told POLITICO.

 “When it comes to the talks, I think the Russians are doing as much as they can to avoid irritating Donald Trump, so he won’t impose more sanctions on them,” he added.

Indeed, according to fresh calculations by the German Institute for International and Security Affairs’ Janis Kluge, Russia has increased its military spending by another 30 percent year-on-year, reaching a record $149 billion in the first nine months of 2025.

The war effort is now eating up about 44 percent of all Russian federal tax revenue — a record high. And as social programs are gutted to keep up, some Western optimists believe that Russia’s anemic growing economy and the staggering cost of war mean Putin soon won’t have any realistic option but to strike an agreement.

But predictions of economic ruin forcing Putin’s hand have been made before. And arguably, Russia’s war economy abruptly unwinding may pose greater political and social risks to his regime than continuing his war of attrition, as Russian beneficiaries — including major business groups, security services and military combatants — would suffer a serious loss of income while seeking to adapt to a postwar economy.

The war also has the added bonus of justifying domestic political repression. War isn’t only a means but an end in itself for Putin, and patriotism can be a helpful tool in undermining dissent.

Nonetheless, the introduction of Trump’s son-in-law Jared Kushner as a key negotiator is significant — he is “Trump’s closer” after all, and his full engagement suggests Washington does think it can clinch a deal with one last heave. Earlier this month, U.S. Special Envoy Gen. Keith Kellogg had indicated a deal was “really close,” with a final resolution hanging on just two key issues: the future of the Donbas and the Zaporizhzhia nuclear power plant. The negotiations are in the “last 10 meters,” he said.

But again, which negotiations? Those between Washington and Moscow? Or those between Washington and Kyiv and the leaders of Europe’s coalition of the willing? Either way, both have work to do if there is to be an end to the war.

Putin has refused to negotiate with Kyiv and Europe directly, in effect dispatching Trump to wring out concessions from them. And no movement Trump’s negotiators secure seems to satisfy a Kremlin that’s adept at dangling the carrot — namely, a possible deal to burnish the U.S. president’s self-cherished reputation as a great dealmaker, getting him ever closer to that coveted Nobel Peace Prize.

Of course, for Putin, it all has the added benefit of straining the Western alliance, exploiting the rifts between Washington and Europe and widening them.

All the frenzied diplomacy underway now seems more about appeasing Trump and avoiding the blame for failed negotiations or for striking a deal that doesn’t stick — like the Minsk agreements.

For example, longtime Putin opponent Mikhail Khodorkovsky’s New Eurasian Strategies Center believes the Russian president remains “convinced that Russia retains an advantage on the battlefield,” and therefore “sees no need to offer concessions.”

“He prefers a combination of military action and diplomatic pressure — a tactic that, in the Kremlin’s view, the West is no longer able to resist. At the same time, any peace agreement that meets Russia’s conditions would set the stage for a renewed conflict. Ukraine’s ability to defend itself would be weakened as a result of the inevitable political crisis triggered by territorial concessions, and the transatlantic security system would be undermined. This would create an environment that is less predictable and more conducive to further Russian pressure,” they conclude.

Indeed, the only deal that might satisfy Putin would be one that, in effect, represents Ukrainian capitulation — no NATO membership, a cap on the size of Ukraine’s postwar armed forces, the loss of all of the Donbas, recognition of Russia’s annexation of Crimea, and no binding security guarantees.

But this isn’t a deal Ukrainian President Volodymyr Zelenskyy can ink — or if he did, it would throw Ukraine into existential political turmoil.

“I don’t see the Parliament ever passing anything like that,” opposition lawmaker Oleksandra Ustinova told POLITICO. And if it did, “it might lead to a civil war” with many patriots who have fought, seeing it as a great betrayal, she added. “Everybody understands, and everybody supports Zelenskyy in doing what he’s doing in these negotiations because we understand if he gives up, we’re done for.”

Not that she thinks he will. So, don’t expect any breakthroughs in the so-called peace talks this week.

Putin will maintain his maximalist demands while sorrowfully suggesting a deal could be struck if only Zelenskyy would be realistic, while the Ukrainian leader and his European backers will do their best to counter. And they will all be performing to try and stay in Trump’s good books.