As someone who understands situation better than average observer, I can tell that negotiated peace will not happen. The reason is not Putin's or Zelenski's stubbornness, Western support or lack of or anything else like that.
The reasons for that are Putin narrative of the war. After what he told people about this war and peace negotiations are simply not possible. To explain why I need to first outline the narrative that Putin and his loyal media keeps pushing about the war.
Putin's Narrative of War
People occasionally heard Putin and Russian media claim there are Nazis in Ukraine. Most just laugh as that sounds as the most boring cliché possible.
Most of course imagine this statement means that Putin's and Russian propagandists think that Zelenski is modern Hitler and Ukrainian Army are Nazis. However, that is not how Putin media actually presents it.
Russian media does not make Zelenski modern Hitler. Instead, it equates Ukraine with Somalia, a dysfunctional failed state where Islamist rebels' control most of the country and government in Mogadishu is helpless to stop them. Putin and his media claim the same about Ukraine. They say that Banderites Nazi rebels are everywhere in the country and government in Kyiv is completely helpless to stop them.
From there on they go to step two. Just like UN interfered in Somalia to prop up the government against the rebels, Russia interfered in Ukraine to prop up the government against these Banderite Nazi rebels. Hence why Putin called this war a special military operation.
How Putin's Narrative Mislead Russian Soldiers
Russian soldiers were also told they would be hunting rebels and armed gangs. That is why when they arrived there, they experienced shock from having to instead fight well-armed and organized Ukrainian Army. Difference was so stark, and shock was so deep, they could even put together what exactly is going on.
All this of course serves Putin better. The least people can connect the real situation with his narrative, the harder it is to figure out his real intentions and plans.
Why Narrative Prevents Signing Peace
However back to why narrative would prevent Putin from making any peace. Very simple: sitting down with Zelenski and signing any kind of peace deal would indirectly acknowledge that Putin's narrative is false. It would confirm that it is an actual war between two countries instead of friendly UN Somalia mission like intervention.
For Putin preserving his narrative is the most important objective in this war. Whatever he does it has to conform with the illusion that it is Somalia like intervention. Because of that he would resist doing anything that will make it look like it's not. Including signing any peace.
How it will End
From all that however it's easy to guess the eventual end of this war. At one point Putin would simply declare that Russian army hunted down all Nazis and would then withdraw. After that they will of course celebrate, give medals and so on. All to make it look like they propped the Ukrainian government from total collapse and salvaged it just like UN salvaged Somalia.
One thing Putin is missing is Zelenski's double who can join the festivities and thank Putin personally on behalf of his country for saving them from Nazis. However, I think they will figure out something.
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