In Trump Call, Putin Notches a Diplomatic Win, With an Economic Caveat

Since his invasion in 2022, President Vladimir V. Putin of Russia has wanted to end the war in Ukraine on his terms. And in the complex diplomatic maneuvers of recent weeks, the Russian leader has been able to defend his approach to negotiate a comprehensive peace deal while continuing to wage war in Ukraine, which he believes is going his way.

His hard-line position has withstood pressure from Ukraine, from the European Union and, until recently, from the United States for an immediate cease-fire before starting peace talks. After speaking with Mr. Putin by phone on Monday, President Trump said that he welcomed direct talks between Ukraine and Russia toward a cease-fire and a broader deal to end the war, in effect making a final break with his earlier promise to bring a swift end to the conflict.

But Mr. Putin’s diplomatic victory could undermine his broader economic goals to normalize relations with the United States.

After speaking with Mr. Putin, Mr. Trump emphasized that American economic rapprochement with Russia would come after peace in Ukraine, not before. If Mr. Trump keeps the two issues intertwined, it could confine Russia to an economic purgatory, with little immediate chance of getting relief from Western sanctions or of bringing the foreign investment dangled by Mr. Trump.

“Russia wants to do large scale trade with the United States when this catastrophic ‘bloodbath’ is over, and I agree,” Mr. Trump said in a statement on Monday after the call.

President Vladimir V. Putin of Russia has repeatedly indicated that Russia is not afraid of new Western sanctions because the Kremlin has grown adept at adjusting to them. Credit…Vyacheslav Prokofyev/Sputnik