Ever since Donald Trump declared that he could end the war in Ukraine “within 24 hours”, much of the world has been waiting to see whether he could force Moscow and Kyiv into a settlement. Millions of views and scrolls, miles of news feeds and mountains of forecasts have been burned on that question.Trump fed this expectation by insisting that Ukrainian President Volodymyr Zelenskyy was running out of options and would eventually have to accept his deal. In reality, the opposite is true. It is Trump who has no leverage. He can threaten Nicolas Maduro with potential military action in or around Venezuela, but he has no influence over Vladimir Putin. Any sanctions harsh enough to damage Russia would also hit the wider Western economy, and there is not a single leader in the West willing to saw off the branch they are sitting on.Armed intervention is even more implausible. From the first days of the full-scale invasion, NATO decided to support Ukraine with weapons and training while avoiding steps that could trigger a direct NATO–Russia war. That position has not changed.As a result, Ukraine has been left in a position where, with or without sufficient support from its allies, it is in effect fighting Russia alone. All talk of peace or a ceasefire has proved to be a bluff, a way for Vladimir Putin t …
