What latest Ukraine talks reveal about Putin’s state of mind

What does the latest round of diplomacy on Ukraine tell us about Russian President Vladimir Putin’s mood and intentions?

For starters, that he’s not ready to sign a peace deal. At least, not right now.

And certainly not the deal (or deals) on the table.

“No compromise version has yet been found,” commented Kremlin foreign policy aide Yuri Ushakov after five hours of talks in Moscow involving Putin, US envoy Steve Witkoff, and Donald Trump’s adviser and son-in-law Jared Kushner.

No compromise is no real surprise, considering the Kremlin leader’s uncompromising comments in recent days.

In various statements he has condemned the Ukrainian leadership as a “thieving junta”, accused European leaders of trying to sabotage peace efforts, and insisted that Russia holds the initiative on the battlefield.

On a couple of recent occasions Russian TV showed Putin in military fatigues, studying maps of the front line and trumpeting military gains, many of which Ukraine and international observers have denied.

After nearly four years of Russia’s full-scale invasion of Ukraine, despite the heavy losses Russia has suffered on the battlefield and the damage to the Russian economy, President Putin seems convinced that he is winning this war and that now is not the moment to stop.

At least, that is what he would like the West to believe: that nothing can stop him now from achieving his goals.

I’ve said before that, in many ways, Vladimir Putin reminds me of a car with no brakes, no steering wheel and no reverse gear; a vehicle careering full speed down the motorway.

Nearly four years after the full-scale invasion of Ukraine there is still no sign of the “Putinmobile” turning off, turning back, or coming to a halt.

He certainly wants his opponents to think that nothing or no one can force him to change direction: neither European leaders, nor the Trump administration, nor President Zelensky.

But cars need fuel (a constant supply).

And, to fight a war, countries need money (a constant supply).

For now, despite international sanctions, Russia’s government is still able to finance the “special military operation” – its war on Ukraine. But economic pressures are building: revenues from oil and gas have been falling, the budget deficit growing.

Even Putin admits there are problems, referring to “imbalances” in the economy.

“In several sectors, production output not only failed to increase this year but actually decreased,” Putin said this week. “Are we satisfied with such trends? No.”

The big unknown: at what point, if at all, will economic concerns start to influence the Kremlin’s calculations on the battlefield?