As President-Elect Donald Trump prepares to seek a negotiated settlement to the worst European war since 1945, he confronts in Russia a counterparty with real bargaining power. Over the three decades since the end of the Cold War, Russia has become a serious international player, with greater military-industrial capacity than Europe and one of the world's largest land armies, as well as the world's second-biggest nuclear arsenal. Russia has also been coordinating its Ukrainian war effort with Iran, China, and North Korea, creating in effect a New Eurasian Axis. The peace talks are set to begin at a time when, despite American and European military assistance to Kyiv, Russian forces are advancing westward and Ukrainian resistance is close to its breaking point. As Ukraine's former foreign minister Dmytro Kuleba told the Financial Times recently, 'If it continues like this, we will lose the war.' Although many in the Republican Party question the fact, the United States has a major...
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