Atlantic Council: Putin's Ukraine calculus is total victory or endless war

An Atlantic Council analysis argues that US-led efforts to end the Russia-Ukraine war through limited territorial concessions misread Putin's imperial ambitions, framing his options as total victory or endless war. This is an opinion piece, not a factual development, but it signals a hardening of Western analytical consensus against negotiated settlement. The piece reflects ongoing debate over war aims and potential diplomatic off-ramps.