Vladimir Putin does not want peace in Ukraine—not even on the exceptionally favourable terms for Russia that Donald Trump appears prepared to impose upon Ukrainians and Europeans alike. Putin seeks total Belarusianisation of UkraineFirstly, Vladimir Putin possesses little genuine interest in the Donbas and Luhansk regions themselves. Their economies were dominated by coal mining and largely obsolete heavy industries that will contribute precious little to Russia’s economic future. In this context, peace in Ukraine would constitute a major destabilising factor for Putin’s grip on power, given its inevitable economic and social consequences. In all these respects, Vladimir Putin possesses compelling incentives to continue the war regardless of military outcomes on the ground.