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This might be a little tougher than Putin thought...

From a person who only follows the war casually. Is it safe to say Putin has staked his regime on Ukraine. If so, can’t see any reasonable peace deal Putin can take. Without essentially ending his reign.
It a lot of it looks similar to WWI. With each side taking turns grabbing some land from the other.
Think in a lot of ways Russia has become China’s proxy. Would be nice if someone can get that though to Donald.
Putin has no rivals, or threat to his power. He isn't thinking that he loses an election if this war fails. He will perhaps pause for a few years, but long term he wants to obliterate Ukraine and restore the Russia of the tsars. He views himself as a tsar.
 
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