Three years into the Kremlin’s full-scale invasion of Ukraine, Russian forces remain unable to achieve major advances on the battlefield, and Moscow’s economy is increasingly weak. President Donald Trump has threatened to increase pressure on Russia if the Kremlin does not negotiate an end to the war. But President Vladimir Putin shows no interest whatsoever in doing so and continues to message maximalist goals of annexing Ukraine.

The West’s approach to the war will depend in part on its assessment of Russia’s economy. Some think Russia can devote virtually unlimited resources to its war and that Kyiv must accept Moscow’s terms. This outcome would be tantamount to a Russian victory. Others believe the Russian economy is rapidly getting weaker and that the United States and its allies should increase sanctions and improve enforcement—especially on Russian energy and steel—to force Putin to seek an end to the war. This outcome would be better for Ukraine, the United States, and the West.

Senior Fellow Matt Boyse, Ambassador James Glassman, King Mallory, and Oleksandr Kalenkov will discuss the state of Western sanctions and what additional pressure should be applied against the Kremlin to arm President Trump with greater leverage to bring an end to the war.