17 May 2025

Istanbul 2.0: Know when to hold 'em, know when to fold 'em

Ian Proud

The biggest achievement of today’s Istanbul talks is that they are even taking place. U.S. engagement will remain vital to getting a peace deal over the line. Russia’s desire for a reset with Washingtonmay keep them on track.

I have a sense of déjà vu as I contemplate these long-overdue peace talks between Ukraine and Russia in Istanbul. In April 2022, Ukraine and Russia were close to agreeing a peace treaty, less than two months after war started. However, this came crashing down amid claims that western governments, in particular the United States and the United Kingdom encouraged Ukraine to keep fighting.It’s worth recapping very briefly what was close to having been agreed. By far the best summary of negotiations between both sides was produced by the New York Times in June 2024. Those negotiations ranfor almost two months. The talks started with Ukrainian officials being spirited over the border into Belarus on February 29, 2022 while the fighting raged around Kyiv, and eventually led to the now famous talks in Istanbul in March and April.

Ukraine will enter the Istanbul talks in a weaker position than it held in 2022.

Western support for Ukraine financially and economically is not as sound as it was then. No big ticket economic aid and assistance has been made available since the G7 agreement of a $50 billion package of loans, in June 2024. While European states scratched together new economic aid to Ukraine in April, this cannot make up for the reduction in US support.

In territorial terms, Russia withdrew from Kyiv as a concession to the first Istanbul talks and lost ground in Kharkiv and in Kherson in late 2022. However, Russia has gone on steadily to gain further territory in the Donbas since the end of 2023. So while both sides have scores on the board, Russia now maintains the military upper hand on the battlefield and that seems unlikely to change. These two factors in particular were behind President Trump’s February assertion that Ukraine has no cards to play.

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