Putin is losing hope in Trump’s ability to end the war with Ukraine and is talking directly with the leaders of European countries.

It turns out that it’s not only the U.S. with influence over the almost five-year-long war, but Europe also has its own cards to play. What’s more, it’s willing to play them.

In his latest analysis, Stuart Dowell writes about the cards held by each side, the peace terms Putin expects, and China’s role the geopolitical puzzle.