The Russian elite has begun considering peace talks with Ukraine, but there is a nuance.

Economic difficulties are prompting some of the Russian elite to believe that the conflict in Ukraine must be resolved through negotiation. This week, US President Donald Trump said that levying additional sanctions and tariffs against Russia is likely if Putin does not agree to negotiations.

According to Reuters, Putin believes that the war’s main objectives have been accomplished. This includes control over the territories connecting the Russian mainland with occupied Crimea, as well as weakening the Ukrainian military. However, a Kremlin source said that Russia has not yet received any specific negotiation proposals.

According to CNN, Trump’s threats to increase sanctions pressure on Russia may, on the contrary, help the Kremlin. Given the minimal trade between the US and Russia and the existing long-term sanctions, the real impact of such measures may be limited. Trump has also publicly offered himself as a mediator in the negotiations. But a quick ceasefire would allow the Kremlin to strengthen its positions, rebuild its army, and buy time.