Navigating the Vortex

Lucy P. Marcus & Stefan Wolff
Navigating the Vortex

We live in a complex and ever-changing world. To navigate the vortex we must adapt to change quickly, think critically, and make sound decisions. Lucy Marcus & Stefan Wolff talk about business, politics, society, culture, and what it all means. www.navigatingthevortex.com

  1. 1 DAY AGO

    As Europe releases proposals for a ceasefire in Ukraine, Trump is falling into the trap of Munich 1938

    After a second consecutive night of deadly Russian air attacks – against the capital Kyiv on April 23 and the eastern Ukrainian city of Pavlohrad on April 24 – a ceasefire in Ukraine seems as unrealistic as ever. With Russian commitment to a deal clearly lacking, the situation is not helped by US president Donald Trump. He can’t quite seem to decide who he will ultimately blame if his efforts to agree a ceasefire fall apart. Before the strikes on Kyiv, Trump blamed Ukrainian president Volodymyr Zelensky for holding up a deal by refusing to recognise Crimea as Russian. The following day, he chided Vladimir Putin for the attacks, calling them “not necessary, and very bad timing” and imploring Putin to stop. The main hurdle on the path to a ceasefire is what a final peace agreement might look like and what concessions Kyiv – and its European allies – will accept. Ukraine’s and Europe’s position on this is unequivocal: no recognition of the illegal Russian annexation of Crimea or of permanent Russian control of currently occupied territories in Donbas. This position is also backed by opinion polls in Ukraine, which indicate only limited support for some temporary concessions to Russia. Along similar lines, the mayor of Kyiv, Vitali Klitschko, also suggested that temporarily giving up territory “can be a solution”. The deal that Trump’s envoy Steve Witkoff apparently negotiated over three rounds of talks in Russia was roundly rejected by Ukraine and Britain, France, and Germany, who lead the “coalition of the willing” of countries pledging support for Ukraine. This prompted Witkoff and US secretary of state Marco Rubio to pull out of follow-up talks in London on April 24. The talks went ahead regardless, involving mostly lower-ranking officials. They ended with a fairly vacuous statement about a commitment to continuing “close coordination and … further talks soon”. And even this now appears as quite a stretch. Coinciding with Witkoff’s fourth trip to see Putin on April 25, European and Ukrainian counterproposals were released that reject most of the terms offered by Trump or at least defer their negotiation until after a ceasefire is in place. The impasse is unsurprising. Washington’s proposal included a US commitment to recognise Crimea as Russian, a promise that Ukraine would not join Nato and an acceptance of Moscow’s control of the territories in eastern Ukraine that it currently illegally occupies. It also suggested lifting all sanctions against Russia. Ukraine would give up large parts of territory and receive no security guarantees, while Russia is rewarded with reintegration into the global economy. It is the territorial concessions asked of Kyiv which are especially problematic. Quite apart from the fact that they are in fundamental breach of basic principles of international law – the sovereignty and territorial integrity of states – they are unlikely to provide solid foundations for a durable peace. Much like the idea of Trump’s Ukraine envoy, Keith Kellogg, to divide Ukraine like Berlin after the second world war, it betrays a fundamental misunderstanding of what, and who, drives this war. Kellogg later clarified that he was not suggesting a partition of Ukraine, but his proposal would have exactly the same effect as Trump’s most recent offer. Both proposals accept the permanent loss to Ukraine of territory that Russia currently controls. Where they differ is that Kellogg wants to introduce a European-led reassurance force west of the river Dnipro, while leaving the defence of remaining Ukrainian-controlled territory to Kyiv’s armed forces. If accepted by Russia – unlikely as this is, given Russia’s repeated and unequivocal rejection of European peacekeeping troops in Ukraine – it would provide at best a minimal security guarantee and only for a part of Ukrainian territory. What it would almost inevitably mean, however, is a repeat of the permanent ceasefire violations along the disengagement zone in eastern Ukraine where Russian and Ukrainian forces would continue to face each other. This is what happened after the ill-fated Minsk accords of 2014 and 2015, which were meant to settle the conflict after Russia’s invasion of Donbas in 2014. A further Russian invasion could be just around the corner once the Kremlin felt that it had sufficiently recovered from the current war. The lack of a credible deterrent is one key difference between the situation in Ukraine as envisaged by Washington and other historical and contemporary parallels, including Korea and Cyprus. Korea was partitioned in 1945 and has been protected by a large US military presence since the Korean war in 1953. After the Turkish invasion of 1974, Cyprus was divided between Greek and Turkish Cypriots along a partition line secured by an armed UN peacekeeping mission. Trump has ruled out any US troop commitment as part of securing a ceasefire in Ukraine. And the idea of a UN force in Ukraine, briefly floated during the presidency of Petro Poroshenko between 2014 and 2019, never got any traction, and is not likely to be accepted by Putin now. The assumed parallels with the situation in Germany after the second world war are even more tenuous. Not only did Nazi Germany unconditionally surrender in May 1945, but its division into allied zones of occupation was formally and unanimously agreed by the victorious allies in Potsdam the following August. By the time the two separate German states of East and West Germany were established in 1949, the western allies had fallen out with Stalin but remained firmly united in Nato and western Europe. The west German state was securely protected under the US nuclear umbrella. The agreements made in Potsdam didn’t have the same implication of permanence as the US suggestion to formally recognise Crimea as Russian territory. The intention was always that the allied forces would pull out of Germany at some stage and restore the country’s sovereignty. Most importantly, the allies did not reward the aggressor in the war or create the conditions for merely a brief interruption of a profoundly revisionist agenda. What has driven Putin’s war against Ukraine is his conviction that “the collapse of the Soviet Union was the greatest geopolitical catastrophe of the century”. The Trump administration deludes itself that it is applying the lessons of Potsdam by recognising Russia’s territorial conquests in Ukraine. Instead, it is falling into the trap of the 1938 Munich Agreement. Negotiators in Munich tried, but failed, to avoid the second world war by appeasing, yet not credibly deterring an insatiable aggressor. Sacrificing a valuable ally at the altar of a leader’s vanity is a historical lesson that doesn’t need repeating. An earlier version of this analysis was published by The Conversation on April 25, 2025. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    8 min
  2. 1 DAY AGO

    Trump is still the only one with a chance of getting Ukraine and Russia to the table

    United States President Donald Trump is finding the reality of negotiations to bring about a ceasefire between Russia and Ukraine yet again less easy than he imagined on the campaign trail before returning to the White House for a second term. Having boasted about ending the war in Ukraine in 24 hours, he now finds himself close to the 100-day mark of his second term oscillating between threatening to walk away from ceasefire negotiations and promising that a deal was “very close”. Neither is a realistic outcome at this moment. Ministerial-level talks between the US, Ukraine, and the European coalition of the willing led by the UK, France, and Germany, to discuss ending the war fell through on Wednesday (April 23) after US Secretary of State Marco Rubio cancelled his participation, prompting British, French and German counterparts to pull out as well and releasing their own proposals for a deal on April 25. For Mr Trump, Ukraine is an important puzzle piece in his reconfiguration of US-Russia relations which are critical to his focus on China. The US president is keen to drive a wedge between Moscow and Beijing. This strategy is often referred to as a “reverse Kissinger”, in reference to the late American grand strategist’s success of capitalising on the Sino-Soviet split in the 1960s and normalising US relations with communist China. That Mr Trump and his advisers lack the strategic acumen of Henry Kissinger and that there is no Russia-China split on the horizon to capitalise on does not mean that rapprochement between the US and Russia is impossible. On the contrary, if the terms were right, both Mr Trump and his Russian counterpart, Vladimir Putin, might yet seal a deal to serve their interests – but such a deal will unlikely bring an end to the war against Ukraine. The US is still the only player in the complex dynamics of negotiations with even a remote chance of getting a deal done — because of the leverage the Trump administration has over Russia and Ukraine. Past initiatives to end the war against Ukraine, including those by China, Brazil, Indonesia, Saudi Arabia and the Vatican, never got any traction. Their sponsors generally lacked the ability or, in China’s case, the will, to bring Kyiv and Moscow to the negotiation table. Mr Trump has so far focused on incentives in his dealings with Russia. He can offer Mr Putin much of what the Kremlin wants. Washington’s current peace plan includes the recognition of Moscow’s territorial gains in Ukraine, the lifting of all US sanctions and ruling out future NATO membership for Kyiv. If Trump forges ahead with such a deal, the consequential weakening of the transatlantic alliance would also ensure, in the Kremlin’s eyes, a reordering of European security for the benefit of Russia. It would include US withdrawal from Europe and put limits on the size and capabilities of Ukraine’s armed forces. It is not clear, however, what, if anything, Russia has offered in return — apart from relinquishing claims to territory that Moscow does not yet control. By contrast, the US president has concentrated on pressure when it comes to the relationship with his Ukrainian counterpart, Volodymyr Zelenskyy. Mr Trump has been unequivocal that he will suspend military aid and intelligence sharing as leverage. This has made sure that Kyiv keeps engaged in negotiations and accepts giving the US privileged access to Ukraine’s mineral and energy resources and infrastructure. The limits of such leverage, however, are clear: Mr Zelenskyy ruled out a recognition of Russia’s 2014 annexation of Crimea, proposed in the US peace deal. Mr Trump’s response was to lash out on Truth Social, blaming Zelenskyy for prolonging the “killing field”. The gap between what the US has put on the table and what Ukraine and its European partners will accept remains wide. If, in light of these difficulties, he did abandon talks, Mr Trump could still cut a deal with Mr Putin in an effort to pry him away from China. But such a deal — on Russia’s terms — would almost inevitably deal another major, and potentially fatal, blow to the American alliance system in Europe and further increase doubt about the dependability of the US as a partner among its Asian allies. Both outcomes would be detrimental to US interests in its rivalry with China and are unlikely to be offset by vague hopes of the Kremlin realigning with the White House. Alternatively, Mr Trump could turn against Mr Putin for failing to agree to a ceasefire and finally implement his earlier threat to impose large-scale sanctions on Russia. Unlikely as it is at the moment, this would preserve what is left of the transatlantic alliance, at least for the time being. It would also allow Mr Trump to conclude his coveted minerals deal with Ukraine. If it means the continuation of US military support and intelligence sharing, such an outcome would clearly be problematic for Mr Putin. This appears to be a reality that the Kremlin is well aware of. It might explain the continuing engagement in talks with Mr Witkoff, who has now held several rounds of discussions with high-level Russian officials, including with Mr Putin himself in St Petersburg on April 11 and in Moscow on April 25. Mr Trump remains reluctant to put real pressure on Mr Putin, despite being “not happy” with recent Russian airstrikes on Kyiv. The US president appears keen to continue to use the Witkoff-Putin channel to hammer out the parameters of an acceptable deal. And while it is not evidence of a Russian commitment to ending the war, Moscow’s similarly continuing engagement signals that Mr Putin is equally unwilling to walk away from negotiations at this time. The Witkoff-Putin channel has enabled Russia to appear to remain constructively engaged in the search for a settlement of the war against Ukraine while simultaneously avoiding any concrete commitments. Moscow has managed to shape much of the US narrative in its favour. The latest US ceasefire proposal, crossing several European and Ukrainian red lines, reflects the success of this strategy. The release of the European counterproposals coincided with Witkoff’s most recent trip to Moscow on April 25, indicating that, for now, a win-win outcome is impossible to achieve for Washington, Moscow, Kyiv and Brussels. However, if there is a deal, each side will find enough in it to sell it as a success — even if it falls short of their preferred outcomes. The odds for such a deal are slim but not impossible. If it were to happen, then it will most likely take the form of a time-limited, shaky ceasefire with vague commitments to an outline of a future peace agreement. As such, it would bring a temporary pause in the fighting in Ukraine but will still fall well short of the actual end of the war. An earlier version of this analysis was published by Channel News Asia on April 25, 2025. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    8 min
  3. 4 DAYS AGO

    The path to peace in Ukraine narrows down further — even if Trump secures a ceasefire

    After more than three years of war, the prospects of peace for Ukraine remain slim. There is no obvious, credible pathway even to a ceasefire, given Russia's refusal to extend a brief and shaky truce over Easter — despite the US, UK and Ukraine all signalling their support for this idea. And even if the considerable hurdles impeding a ceasefire deal could be overcome, a more fundamental problem would remain: none of the key players in the conflict appear to have a plan for an agreement that is likely to be acceptable to both Kyiv and Moscow. Less than a year ago, there were at least seven different third-party peace proposals. At one level this is surprising. Less than a year ago, there were at least seven different third-party peace proposals. Among them, China, Brazil, Indonesia, Saudi Arabia and the Vatican had their distinct visions for how to achieve peace. In addition, there was a multilateral proposal by a group of African states, led by South Africa, and a joint proposal by China and Brazil. The best that could be said about these plans last autumn was that several of their sponsors had converged around the principles of the China-Brazil proposal by forming a Chinese-led "Friends of Peace" group in the margins of the UN General Assembly in September 2024. Remarkably — because it was in clear contravention of the western opposition to a ceasefire at the time — EU and NATO members Hungary and Slovakia also joined the group, alongside South Africa, Egypt, Indonesia, Türkiye, and other countries from the global south. By the end of 2024, this initiative, however, clearly had run its course and arrived at a dead end, as indicated in a short press release after the only other meeting the group held at the level of their countries' permanent representatives to the UN. A statement on what Beijing calls the Ukraine crisis by China's foreign minister, Wang Yi, on March 7, 2025, made no mention of the group. More importantly, that statement also seemed to indicate that China was no longer pursuing an active role in mediation, limiting its involvement to simply welcoming and supporting "all efforts for peace". What these plans had in common was their primary focus on a ceasefire as a stepping stone to negotiations about an actual peace agreement. They were all light on detail of what a peace deal between Russia and Ukraine would entail but were nonetheless roundly rejected by Ukraine and its western allies as favouring Russia. Given that a ceasefire would simply freeze the front lines and very likely make them permanent with or without a subsequent peace agreement, this was not an unreasonable position. Except that what Ukraine proposed instead — and what its western allies backed, at least rhetorically — was hardly more viable. Ukrainian President Volodymyr Zelensky's 2022 peace plan was already on life support at the time of the first "Summit on Peace in Ukraine” in Switzerland in June 2024. And when merely 84 of the 100 delegations attending the summit (out of 160 invited) supported a watered-down version of Zelensky's plan in their final communique without agreement on a follow-up meeting, Ukraine's peace plan was dead in the water. Its 'replacement' — Ukraine's internal resilience plan — with its focus on ensuring that the country can survive a long war of attrition with Russia is anything but a peace plan. Among its European allies, the absence of a peace plan is similarly glaring, albeit for different reasons. Europe remains committed to supporting Kyiv, but the Russian war against Ukraine is only one — though clearly the most important — security priority for an emerging coalition of the willing among western backers of Ukraine. For them, it is important to keep Ukraine in the fight while they build up their own defences in a new international order in which the world might well be carved up into American, Russian and Chinese spheres of influence. Such a carve-up is at the heart of efforts by US president Donald Trump who seeks to secure a ceasefire between Russia and Ukraine, as well as a deal that would give the US privileged access to Ukrainian resources, partly as a repayment for US support in the war to date. The latter appears to be relatively close to conclusion after it initially fell apart during an extraordinarily acrimonious press conference in the White House on February 28. The ceasefire deal Trump appears to envisage would divide Ukraine itself into spheres of influence… The ceasefire deal Trump appears to envisage would divide Ukraine itself into spheres of influence — as recently suggested by Trump's special envoy for Ukraine, retired general Keith Kellogg. Yet even such a pro-Moscow arrangement that would offer Putin control of 20% of Ukraine continues to elude negotiators, primarily because Russian president Vladimir Putin has few incentives to settle for less than Russia’s maximum demands and stop a war that he thinks he is still able to win on the battlefield, especially in light of Trump's unwillingness to exert any meaningful pressure on Russia. At times, it now appears almost as likely that Trump will simply abandon his efforts to end the fighting in Ukraine. From a Russian perspective, this would be a preferable scenario compared to a ceasefire without the prospect of a favourable peace agreement reflecting Russian demands. The likely calculation in the Kremlin is that even when accepting that Trump’s monopoly of power may be undermined in mid-term elections at the end of 2026, Russia will have at least two more years to conquer yet more Ukrainian territory. Should Washington then make another push for a ceasefire, Moscow could claim its additional conquests as a price for Ukraine to pay for a settlement. Even if Trump does not walk away from negotiations now, and even if his special envoy Steve Witkoff ultimately manages to cobble together a deal, this will still more likely look like a ceasefire than like a peace agreement. The simple reason for this is that Russia's and Ukraine's positions on an acceptable outcome have not shifted. Putin remains committed to the full annexation of four Ukrainian regions (in addition to Crimea), while Zelensky has repeatedly ruled out territorial concessions and is broadly supported by Ukrainians in this stance. On the western side, the reality that a peace agreement is close to impossible on terms satisfying all sides has become a self-fulfilling prophecy. On the western side, the reality that a peace agreement is close to impossible on terms satisfying all sides has become a self-fulfilling prophecy. To the extent that there are any joint efforts by Ukraine, the US and the European coalition of the willing, they are completely centred on a workable ceasefire. At a meeting of foreign ministers and high-level officials in Paris on April 17, discussions were focused on making such a ceasefire sustainable. While details of how this can be achieved remain unclear, the fact that there now appears to be a more inclusive negotiations track signals progress, at least on the process of negotiations. Whether this will lead to an actual breakthrough towards a sustainable ceasefire, however, will depend on their substance and whether Ukraine and Russia can ultimately agree on terms about disengagement of forces, monitoring, and guarantees and enforcement mechanisms. This is an already incredibly high bar, and the bar for a subsequent peace agreement is higher yet. In the current stage of Russia's war of aggression against Ukraine, a ceasefire is clearly a precondition for a peace agreement. But the sole focus on the former will not make the latter any more likely. What's more, given Russia's track record of reneging on the Minsk ceasefire agreements of September 2014 and February 2015, investing everything in a ceasefire deal might turn out not just a self-fulfilling, but a self-defeating prophecy for Ukraine and its supporters. This is an updated and expanded version of an analysis published by The Conversation on April 22, 2025. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    8 min
  4. 5 APR

    Washington and Moscow continue to squabble over the Arctic

    On April 3, flanked by the outgoing and incoming prime ministers of Greenland, the Danish leader, Mette Frederiksen, reiterated that “you cannot annex another country”. This was not a message sent to Russian president Vladimir Putin, but to Donald Trump, the president of one of her country’s closest allies, who has threatened to take over Greenland. Frederiksen, speaking in Greenland’s capital Nuuk, was stating something that is obvious under international law but can no longer be taken for granted in international politics. US foreign policy under Donald Trump has become a major driver of this uncertainty, playing into the hands of Russian, and potentially Chinese, territorial ambitions. The incoming Greenlandic prime minister, Jens-Frederik Nielsen, made it clear that it was for Greenlanders to determine their future, not the United States. Greenland formally became part of Denmark under the terms of the 1814 Treaty of Kiel, first as a colony and in 1953 as a province. Since 1979, it has enjoyed a large degree of autonomy. Polls suggest a majority of islanders want independence from Denmark in the future, but don’t want to be part of the US. As Nielsen put it in response to Marco Rubio, Trump’s secretary of state, “He is not right that Greenland wants to secede tomorrow. He is right that Greenland does not want to be Danish, but Greenland certainly doesn't want to be American either." Trump’s interest in Greenland is often associated with the island’s vast, but largely untapped, mineral resources. But its strategic location is arguably an even greater asset. Trump’s interest in Greenland is often associated with the island’s vast, but largely untapped, mineral resources. But its strategic location is arguably an even greater asset. Shipping routes through the Arctic have become more dependable and for longer periods of time during the year as a result of melting sea ice. The northwest passage (along the US and Canadian shorelines) and the northeast passage (along Russia’s Arctic coast) are often ice free now during the summer. This has increased opportunities for commercial shipping. For example, the distance for a container ship from Asia to Europe through the northeast passage can be up to three times shorter, compared to traditional routes through the Suez Canal or around Africa. Similarly, the northwest passage offers the shortest route between the east coast of the United States and Alaska. Add to that the likely substantial resources that the Arctic has, from oil and gas to minerals, and the entire region is beginning to look like a giant real estate deal in the making. The economic promise of the Arctic, and particularly the region’s greater accessibility, have also heightened military and security sensitivities. On March 27, the day before JD Vance, Trump's vice president, visited Greenland, Vladimir Putin gave a speech at the sixth international Arctic forum in Murmansk in Russia’s high north, warning of increased geopolitical rivalry. While he claimed that “Russia has never threatened anyone in the Arctic”, he was also quick to emphasise that Moscow was “enhancing the combat capabilities of the Armed Forces, and modernising military infrastructure facilities” in the Arctic. Equally worrying, Russia has increased its naval cooperation with China and given Beijing access, and a stake, in the Arctic. Equally worrying, Russia has increased its naval cooperation with China and given Beijing access, and a stake, in the Arctic. In April 2024, the two countries’ navies signed a cooperation agreement on search and rescue missions on the high seas. In September 2024, China participated in Russia’s largest naval manoeuvres in the post-cold war era, Ocean-2024, which were conducted in north Pacific and Arctic waters. The following month, Russian and Chinese coastguard vessels conducted their first joint patrol in the Arctic. Vance, therefore, has a point when he urges Greenland and Denmark to cut a deal with the US because the “island isn’t safe”. But this is hardly Denmark’s fault alone. The US airbase in Pituffik currently hosts some 200 American personnel — during the Cold War, the US maintained some seventeen installations on the island with 10,000 soldiers, according to Denmark’s foreign minister, Lars Lokke Rasmussen. Moreover, the 1951 Greenland Defence Agreement between Denmark and the United States and its amendment in 2004 grant Washington substantial rights in the island. This was further supplemented during the first Trump administration with a “Common Plan” to enhance cooperation between the US and Greenland, and even Project2025 merely recommends that “the next administration should pursue policies that enhance economic ties between the US and Greenland.” Yet, it is not just the United States that is now more concerned than ever that the Russia-China partnership has resulted in an increasingly military presence in the Arctic. Yet, it is not just the United States that is now more concerned than ever that the Russia-China partnership has resulted in an increasingly military presence in the Arctic. Worried about the security of its Arctic territories, Canada has announced a C$6 billion (£3.2 billion) upgrade to facilities in the North American Aerospace Defense Command it operates jointly with the United States. It will also acquire more submarines, icebreakers and fighter jets to bolster its Arctic defences and invest a further C$420 million (£228 million) into a greater presence of its armed forces. Norway has similarly boosted its defence presence in the Arctic, especially in relation to the Svalbard archipelago (strategically located between the Norwegian mainland and the Arctic Circle). This has prompted an angry response from Russia, wrongly claiming that Oslo was in violation of the 1920 Svalbard Treaty which awarded the archipelago to Norway with the proviso that it must not become host to Norwegian military bases. Under Article 3 of the treaty, Russians — and nationals of any other signatory — have a right to commercial activities there. Until 1998 Russia operated a coalmine in Pyramiden, but today only maintains a presence in Barentsburg. The town is owned by the Russian mining company Trust Arktikugol, but has gradually evolved from a coal mining operation into a hub for tourism and research. The town also hosts a Russian research centre, established in 2014, which includes a satellite ground station. Despite its relatively minimal presence, Moscow is keen to protect what it considers its rights and national interests in Svalbard. For this purpose, it established a “commission on ensuring Russia’s presence on the archipelago Spitzbergen”, the name Moscow uses for the archipelago, which is chaired by Russian deputy prime minister Yury Trutnev, who is also Putin’s envoy to the far eastern federal district. This is not the most active of Russian government commissions, but Trutnev has repeatedly complained about undue Norwegian restrictions on Russia’s presence in Svalbard, as has the Russian foreign ministry, for example in 2021, 2022, 2023 and 2024. Oslo has rejected these criticisms, as well as more recent persistent claims in 2024 by Moscow that it was militarising the archipelago. From the Kremlin’s perspective, this is partly about Russia’s historical rights on Svalbard but more about Norway’s – and Nato’s – presence in a strategic location at the nexus of the Greenland, Barents and Norwegian seas. From there, maritime traffic along Russia’s northeast passage can be monitored. If, and when, a central Arctic shipping route becomes viable, which would pass between Greenland and Svalbard, the strategic importance of the archipelago would increase further — for both Russia and the west. From Washington’s perspective, Greenland is the more important of the two islands because of its closer proximity to the US. But Svalbard is critical for monitoring and countering Russian, and potentially Chinese, naval activities in the region where the Arctic and the north Atlantic meet. This bigger picture tends to get lost in Trump’s White House, which is more concerned with its own immediate neighbourhood and cares less about regional security leadership. Consequently, there has been no suggestion — so far — that the US needs to have Svalbard in the same way that Trump claims he needs to have Greenland to ensure US security. Nor has Russia issued any specific threats to Svalbard. But it was noticeable that Putin in his speech at the Arctic forum discussed historical territorial issues, including an obscure 1910 proposal for a land swap between the US, Denmark and Germany involving Greenland. Putin also noted “that Nato countries are increasingly often designating the Far North as a springboard for possible conflicts”. It is not difficult to see how Moscow’s logic could develop here: if the US can claim Greenland for security reasons, Russia should do the same with Svalbard. The conclusion to draw from this is not that Trump should aim to annex a sovereign Norwegian island next. The conclusion to draw from this is not that Trump should aim to annex a sovereign Norwegian island next. The maritime geography in the north Atlantic around Greenland and Svalbard underscores the importance of maintaining and strengthening long-established alliances. Investing in expanded security cooperation with Denmark and Norway as part of Nato would secure US interests closer to home and send a strong message to Russia. It would also signal to the wider world that the US is not about to initiate a territorial carve-up of global politics that upends the existing order and may well suit the interests of Moscow and Beijing in the longer term more than Washington’s. An earlier version of this analysis was published by The Conversation on April 4, 2025. We hope you'll share Navigating the Vortex with anyone you

    10 min
  5. 19 MAR

    And the ball is back in Washington's court

    By Stefan Wolff and Tetyana Malyarenko After more than two hours on the phone on Tuesday, March 17, the US president, Donald Trump, and his Russian counterpart, Vladimir Putin, agreed to nothing more than what can at best be described as confidence-building measures. The two leaders came away from the call with a limited prisoner exchange, a suspension of attacks on energy infrastructure, and the creation of working groups to explore further steps towards a ceasefire and ultimately a peace agreement. This is most certainly not the actual ceasefire between Ukraine and the invading Russian military that Trump had tried to achieve. Putin made it crystal clear to Trump that he is not (yet) in the mood for any compromise. A less charitable way of looking at the outcome of the second call between the two presidents since Trump returned to the White House would be that the ball is now back in the American court. Putin made it crystal clear to Trump that he is not (yet) in the mood for any compromise. This is hardly surprising given recent events. The US has pressured Ukraine mercilessly into accepting a proposal for a 30-day ceasefire, which Trump hoped Russia would also agree to. But apart from a vague statement by Trump that he might consider sanctions against Russia, he has so far seemed unwilling to contemplate putting any meaningful equivalent pressure on Putin. On the ground, Russia has gained the upper hand in the Kursk region where Ukrainian troops have ceded back most of the territory they captured after a surprise offensive last summer. Once Putin’s forces, assisted by thousands of North Korean soldiers, have succeeded in driving the Ukrainians out of Russia, Kyiv will have lost its most valuable bargaining chip in negotiations with Moscow. Meanwhile, Russia has also made further gains on the frontlines inside Ukraine especially in parts of Kherson and Zaporizhzhia. Despite not yet having full control of them, these are two of the four regions (the other two are Donetsk and Luhansk) that Putin has claimed for Russia in their entirety since sham referendums in September 2022. If Russia were to capture yet more Ukrainian territory, it is likely that Putin would find it even easier to convince Trump that his demands are reasonable. The fact that Trump already hinted at a “dividing of assets”, including the nuclear power plant at Zaporizhzhia – Europe’s largest before its forced shutdown in September 2022 – is a worrying indication of how far the Russian president has already pushed the envelope. … for now, Kyiv is likely to continue to receive US aid. But a deal solely between Russia and the US is not going to work. In that sense, time is not only on Putin’s side but also on Zelensky’s. The Russian readout of the call between the two presidents claimed that they had discussed “the complete cessation of foreign military assistance and the provision of intelligence information to Kyiv” as a key condition for moving forward – something that Trump subsequently denied in an interview with Fox. This means that, for now, Kyiv is likely to continue to receive US aid. Perhaps more importantly in the long term, Europe is also doubling down on support for Ukraine. While Trump and Putin were discussing a carve-up of Ukraine over the phone, the president of the European commission, Ursula von der Leyen, left no doubt on where the EU stands. In a speech at the Royal Danish Military Academy foreshadowing the publication of the commission’s “Readiness 2030” white paper on bolstering European defences, she recommitted to developing European “capabilities to have credible deterrence” against a hostile Russian adversary. At the same time, the EU also approved the disbursement of the third payment of almost €3.5 billion worth of grants and loans to Kyiv under its Ukraine Facility. A few hours later, the German parliament passed a multi-billion Euro package that loosens the country’s tight borrowing rules to enable massive investments in defence. This follows announcements of increased defence spending elsewhere on the continent, including in the UK, Poland, and by the EU itself. Meanwhile, the UK and France are leading efforts to assemble a coalition of the willing to help Ukraine. Representatives of the 30-member group gathered in London on March 15 for further talks. Afterwards, the UK prime minister, Keir Starmer, released a statement saying that Ukraine’s western partners “will keep increasing the pressure on Russia, keep the military aid flowing to Ukraine and keep tightening the restrictions on Russia’s economy”. There is no doubt that these measures would be more effective if they had Washington’s full buy-in – but even without that they send a strong signal to both the Kremlin and the White House that Ukraine is not alone in its fight against Russia’s ongoing aggression. Russian manpower and firepower may dwarf that of Ukraine, but it would be no match for a Ukraine backed by such a coalition of the willing. Putin, meanwhile, may think that he has time on his side in the short term – but he should take note of these developments. Moscow's manpower and firepower may dwarf Kyiv’s but will be no match for a Ukraine backed by such a coalition of the willing. Putin’s apparent plan to drag Trump into the minutiae of negotiating a comprehensive deal may eventually backfire in more ways than one. For a start, really detailed discussions will test the US president’s notoriously short attention span. But it will also buy time for Ukraine and its supporters to strengthen Kyiv’s position in future negotiations. And it will continue to strain – albeit not immediately break – Russia’s economy. For now, Trump’s efforts to end the war in Ukraine have stalled. He is attempting to broker a complex ceasefire deal that involves separate agreements with Kyiv and Moscow, pressure on Nato allies, and an attempt to drive a wedge between Russia and China. It’s not clear whether, and how, this will succeed – or, indeed, where it will end. The only certainty is that Trump’s dealmaking is not yet bringing a just and stable peace for Ukraine any closer. Earlier versions of this analysis were published by Channel News Asia and The Conversation. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    7 min
  6. 12 MAR

    All eyes on Putin again

    By Tetyana Malyarenko & Stefan Wolff On March 11, 2025, senior US and Ukrainian officials reached an agreement on an American proposal for a thirty-day ceasefire in the war in Ukraine after nine hours of negotiations behind closed doors in Jeddah, Saudi Arabia. This does not mean that the guns in the war will now immediately fall silent. No ceasefire agreement between the warring parties — Russia and Ukraine — has been signed. In fact, it is not even clear how much detail is contained in the US ceasefire proposal and how much of it has already been discussed with Russia during earlier talks between senior US and Russian officials. Nonetheless, the deal signals a major step forward. From a Ukrainian perspective, it has several advantages. First, the major rift between Kyiv and Washington has at least been partially patched up. The minerals agreement — on hold since the shouting match between US president Donald Trump and his Ukrainian counterpart, Volodymyr Zelenskyy, in the White House on February 28 — is back on, with Trump extending an invitation to Zelenskyy to return to Washington to sign it. Equally importantly for Kyiv, the resumption of US weapons deliveries to Ukraine and the lifting of the ban on intelligence sharing were part of the deal, and with immediate effect. This restores critical US battlefield support for Ukraine, including for Kyiv’s capability to strike targets deep inside Russia. Vladimir Putin … has to balance his war aims in Ukraine with the strategically arguably more important goal of rapprochement with the United States. By contrast, the Russian president, Vladimir Putin, is now in a somewhat trickier position. He has to balance his war aims in Ukraine with the strategically arguably more important goal of rapprochement with the United States. Talks between senior US and Russian officials on February 18, in the Saudi capital Riyadh, seemed to indicate that Moscow had won significant concessions from Washington, including on retaining illegally occupied territory and no NATO membership for Ukraine. These concessions may still be on the table, alongside other US offers to normalise relations and end Russia's isolation from the west. But this does not mean that Russia will be in any particular hurry to bring the fighting in Ukraine to an end. The country's economy has weathered western sanctions remarkably well so far. Putin is likely also keen on capitalising further on the momentum that his troops still have on the frontlines inside Ukraine. And he is unlikely to want to sit down to talk about a ceasefire, let alone a peace agreement, with Zelensky as long as Ukraine still holds territory in the Kursk region inside Russia. While Ukrainian troops have come under increasing pressure there recently and are in danger of being encircled, it is likely to take Russia some more time to force them to withdraw completely or to surrender. Putin is thus likely to play for more time in an effort to push his advantage on the ground while avoiding upsetting Trump. Putin is thus likely to play for more time in an effort to push his advantage on the ground while avoiding upsetting Trump. The deputy head of the upper house of the Russian parliament, the Federation Council, and chairman of its international affairs committee, Konstantin Kosachev, signalled as much after the US-Ukraine deal had been announced. He insisted that any agreements would have to be on Russian, rather than American, let alone Ukrainian, terms. The Kremlin’s immediate reaction also lacked enthusiasm. Putin’s spokesman, Dmitry Peskov, noted that Moscow was still awaiting detailed information on what Kyiv and Washington had agreed. Both of these initial responses indicate a willingness to talk, but they also signal that an agreement, even on a ceasefire, will very likely still require further negotiations. Playing for time will also allow Putin to avoid rebuffing the American proposal outright. To do so would be a huge gamble for the Russian president. Trump has already proven his willingness to exert maximum pressure on Ukraine — and he seems to have got his way. Ahead of the US-Ukraine meeting in Jeddah, he was also clear that he would consider further sanctions on Russia to force Moscow to accept an end to the fighting in Ukraine. Both of these steps — pressure on Ukraine and on Russia — are part of a plan developed by Trump’s special Ukraine envoy Keith Kellogg back in May 2024. Crucially, Kellogg also envisaged continuing “to arm Ukraine and strengthen its defences to ensure Russia will make no further advances and will not attack again after a ceasefire or peace agreement”. If Putin were to reject the current proposal, he would therefore not only risk a broader reset of US-Russia relations but potentially also lose his current battlefield advantage, as well as territory Moscow currently controls because a boost to Ukrainian military capabilities would likely shift the military balance of power, at least on some parts of the frontline. The Kremlin is likely to engage with the White House on the American ceasefire proposal that has now been accepted by Ukraine while pushing hard for further territorial gains before US-Russia talks conclude. The most likely scenario going forward is a two-pronged Russian approach. The Kremlin is likely to engage with the White House on the American ceasefire proposal that has now been accepted by Ukraine while pushing hard for further territorial gains before US-Russia talks conclude. The peculiar set-up of the negotiations also plays into the Kremlin's hands here. Short of direct talks between Kyiv and Moscow, Washington has to shuttle between them, trying to close gaps between their positions with a mixture of diplomacy and pressure. This has worked reasonably well with Ukraine so far, but it is far less certain that this approach will bear similar fruit with Russia. The temporary ceasefire currently on the table may, or may not, be an important step towards a permanent cessation of violence and a sustainable peace agreement. Whether it will become a milestone on the path to peace will depend on President Trump's willingness to pressure Russia in a similar way to Ukraine. Lest we forget, Ukraine has already paid a huge price as a result of Russia's aggression. Any further delay on the path to a just peace will inflict yet more pain on the victim instead of the aggressor. An earlier version of this analysis was published by The Conversation on March 12, 2025. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    7 min
  7. 8 MAR

    A coalition of the willing on European defence takes shape

    By Tetyana Malyarenko and Stefan Wolff A week is a long time in politics, and with Donald Trump in the White House, it's even longer in international affairs. It has been eight days since the infamous shouting match on February 28 between Trump and his Ukrainian counterpart, Volodymyr Zelensky. Ever since, the near-total breakdown in the relationship between the US and Ukraine and the almost irreparable damage in the transatlantic relationship has become more of a certainty. Zelensky, urged by European leaders, including the British prime minister, Sir Keir Starmer, and the Nato secretary general, Mark Rutte, has tried to mend his ties with Trump. The US president acknowledged as much in his first post-inauguration speech to congress on March 5 saying that he appreciated Zelensky’s readiness to work for peace under US leadership. But that happened just 24 hours after he decided to halt all military aid to Ukraine. And since then, the new director of the CIA, John Ratcliffe, and Trump’s national security adviser, Mike Waltz, have confirmed that intelligence sharing with Kyiv, which was critical to Ukraine’s ability to hit strategic targets inside Russia, has also been suspended. Neither of these two moves have an immediate game-changing effect on the war, but they will certainly increase pressure on Ukraine to accept whatever deal Trump will ultimately make with Putin. Trump's manoeuvring does not only affect Ukraine, it has also had a profound impact on Europe. So far, so bad. Yet Trump's manoeuvring does not only affect Ukraine, it has also had a profound impact on the rest of Europe. On Sunday (March 2), in the immediate aftermath of the debacle in the White House, Starmer convened an emergency meeting in London. Much like the French president, Emmanuel Macron, who had invited key European leaders after the insults delivered by the US vice president, JD Vance, at the Munich Security Conference earlier in February, Starmer hosted a select number of European leaders, as well as the Canadian prime minister, Justin Trudeau. This "coalition of the willing" has been in the making for some time now and straddles the boundaries of the EU and Nato, including — apart from the UK — also non-EU members Norway and Turkey. Since the relatively disappointing first ever EU meeting solely focused on defence on February 3 — which was most notable for the absence of a European vision for the continent's role and place in a Trumpian world order — Europe has embarked on a course of more than just rhetorical change. The UK was first out of the tracks, announcing an increase of defence spending to 2.5% of GDP by 2027 on February 25, ahead of Starmer's visit to Washington. The British government then followed this up with a pledge of additional air defence missiles for Ukraine worth £1.6 billion on March 2. On March 6, Britain transferred £752 million — the first third of a £2.26 billion loan backed by profits from frozen Russian assets — to Ukraine for the purchase of military equipment. In a crucial boost to defence spending at the EU level, the president of the European commission, Ursula von der Leyen, announced the "ReArm Europe Plan" on March 4 which is projected to mobilise around €800 billion for European defence. This includes a "national escape clause" exempting EU members' national defence expenditures from the EU's deficit rules, a new loan instrument worth up to €150 billion, the use of already allocated funds in the EU budget for defence projects, and partnerships with the private sector through the Savings and Investment Union and the European Investment Bank. And perhaps most significantly, in Germany, the two main parties likely to form the next coalition government, on March 5 confirmed a major shift in the country's fiscal policy that will allow any defence spending above 1% of GDP to be financed outside the country's strict borrowing rules. This marks a critical point of departure for Germany not just in fiscal terms. It also sends an important political signal that Germany — the continent's largest economy — will use its financial and political muscle to strengthen the emerging coalition of the willing. These are all important steps. Provided that the current momentum is maintained, they are cumulatively likely to accelerate a European awakening. The challenges that Europe faces on the way to become strategically independent from the US are enormous, but they are not insurmountable. The conventional military threat posed by a revanchist and revisionist Russia is more easily manageable with the kinds of plans currently in the making. They are aimed to boost, among others, conventional forces, long-range missile strike and drone capabilities, and air and cyber defences. Close cooperation with Ukraine will add critical war-fighting experience which can further enhance the deterrent effect of a European coalition of the willing. Europe, however, remains vulnerable in terms of its nuclear capabilities. Europe, however, remains vulnerable in terms of its nuclear capabilities, especially if deprived of the US nuclear umbrella and faced with potential nuclear blackmail by Russia, the world's largest nuclear power by warhead stockpiles. But here, too, new strategic thinking is emerging. President Macron of France has indicated his willingness to discuss a more integrated European nuclear posture. In Germany, a country with an otherwise very complex relationship with nuclear weapons, such a European approach has been debated, increasingly positively, for some time, starting during Trump's first term in office between 2017 and 2021. And Poland, already one of the largest defence spenders in Nato by share of GDP, has announced plans to build an army of half-a-million men and “pursue the most advanced capabilities, including nuclear and modern unconventional weapons.” A stronger and strategically more independent Europe, even if it will take some time to emerge, is also crucial for the war in Ukraine. Increased European defence spending will help Kyiv in the short term to make up for at least some of the gaps left by the suspension, and possibly complete cut, of US military support. In the long term, Ukraine’s EU accession could open up the route to a security guarantee for Ukraine under Article 47.2 of the Lisbon Treaty on European Union. This so-called mutual defence clause has often been derided in the past because of the lack of any meaningful European defence capabilities. But if the current European momentum towards beefing up the continent's defences is sustained, it would acquire more teeth than it currently has. However, this is not a foregone conclusion. The fact that Hungary did not support the March 6 European Council conclusions on Ukraine is an indication of the deep rift inside the Union. It appears to be contained for now, and Hungary did sign up to the Council conclusions on defence. Only Hungary seems to delude itself that European defence can be separated from the defence of Ukraine. With the benefit of hindsight, President Zelensky may have walked away less empty-handed from his clash with President Trump last week than it seemed initially. If nothing else, Europeans have since then demonstrated not just in words but also in deeds that they are no longer in denial about just how dangerous Trump is and how much they are now on their own. Only Hungary seems to delude itself that European defence can be separated from the defence of Ukraine. By contrast, countries from Ireland to Türkiye finally seem to have woken up to the threat of a United States that now votes with Russia and North Korea in the UN General Assembly — and they are starting to act accordingly. Threatened by both Moscow and Washington, Europe is now on the cusp of a second Zeitenwende, the "epochal tectonic shift" then-German chancellor Olaf Scholz acknowledged after Russia's full-scale invasion of Ukraine in February 2022. Europeans may finally even have found an answer to the question he posed at the time: “How can we, as Europeans and as the European Union, remain independent actors in an increasingly multi-polar world?” An earlier version of this analysis was published by The Conversation on March 6, 2025. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    9 min
  8. 4 MAR

    And the winner is…Vladimir Putin?

    If there were international affairs Oscars in the category of biggest return for least investment, then the Russian president would have won hands down after the fiery blow-up between the US and Ukrainian presidents, Donald Trump and Volodymyr Zelensky, in the White House last Friday (February 28, 2025). The meeting itself would probably win in the category of most unexpected screenplay, given the astonishing shouting match between the two leaders. The rift deepened on Monday, with Mr Trump blasting Mr Zelensky for saying that the end of the war was still “very, very far away” when he should be “more appreciative” of US support. The White House also confirmed that Washington was pausing military aid to Ukraine. Does that now mean it’s all over for Zelenskyy? The minerals deal—initially floated by Ukraine and then eagerly embraced by Trump—certainly seems off, for now at least. And gone with it is any chance of an American security guarantee, however tenuous that might have been in the first instance. The only upside, if you can call it that, is that there is now absolute clarity that the United States under Donald Trump can no longer be relied upon as a partner when it comes to the future of Ukraine. Even if Zelensky and Trump can somehow miraculously mend their relationship, it is not clear whether any deal would be worth the mea culpa and additional concessions that would be required of Ukraine. Trump, after all, has made his own unpredictability—or maybe just his poorly disguised lack of self-control—a key feature of his approach to foreign policy. This is something worth bearing in mind in light of discussions that Ukraine may need a different leader, one more committed to peace than winning back lost territory, as Trump’s national security adviser, Mike Waltz, suggested over the weekend. A different Ukrainian leader would still have to deal with the same US president, even though there may be less personal acrimony in their relationship. All eyes are now on Europe, where the near-certainty of fundamentally altered transatlantic relations seems to have finally sunk in. An urgently convened defence summit in London on Sunday (March 2, 2025) brought some concrete results, including a pledge from the UK to supply Ukraine with air defence missiles worth £1.6 billion. Plans for European security guarantees—provided by a “coalition of the willing” across the EU and NATO—are also beginning to take shape. A Special European Council on March 6, 2025, is likely to reveal further details on how much European leaders are willing to mobilise, and how soon. Funding these endeavours will still prove challenging. One avenue available to Europe remains seizing billions in frozen Russian assets, not just using the interest they generate. In Germany, where talks on forming a new grand coalition are under way following the country’s February 23 elections, there is talk of a €400 billion defence fund. Other options include a European rearmament bank and a common European defence fund, both built around the “coalition of the willing” and thus likely able to circumvent traditionally cumbersome EU decision making. Some of these efforts could also be kick-started by re-directing the €93 billion left in the EU’s COVID recovery fund. The surge in the share prices of major European defence contractors, including BAE Systems, Rolls Royce, and Rheinmetall, indicate that there is confidence in the private sector that European states will procure more military equipment. This, in turn, is likely to lead to more corporate investment in Europe’s defence industrial base in anticipation of higher sales and profits. Time is running out for both Ukraine and Europe. Trump’s deal with Putin might just be a deal that lifts American sanctions against Russia, cuts Ukraine off any US support, and limits, or perhaps even completely revokes, the US security guarantee to Europe through NATO and with it any effective deterrence against further Russian aggression. It may not come to this, at least not yet, but in light of how the Trump administration is treating all of its once-close allies and partners, such an outcome is now more than a far-flung and improbable scenario. For now, Putin may think that he can just sit back and enjoy the chaos. But part of what is likely to have led to the outbursts in the White House is the frustration that Trump has experienced in his relationship with the Kremlin. Moscow may not exactly be winning its war against Ukraine, but it is definitely not losing. The pace of territorial gains may have slowed over the past few weeks, but this might also just be the calm before the storm of a Russian spring offensive. In the meantime, daily Russian airstrikes, often involving hundreds of drones have continued unabated, damaging Ukrainian infrastructure and morale. The challenges that Ukraine and its European partners face are significant, but they are not insurmountable. A small European peacekeeping force in Ukraine is conceivable—both as a tripwire force and as a way to bolster Ukrainian air defences against unrelenting Russian attacks. This might buy Ukraine and Europe time to build up their defence industrial capacities and simply produce more arms and ammunitions, including in Ukraine, to make deterrence, even with a diminished US security guarantee, look credible. Key European countries—the UK, France, and post-election Germany—have been galvanised by the deterioration of transatlantic relations, and with the predictable exception of Hungary’s Viktor Orbán, European unity has held up well in the face of an increasingly hostile Trump administration. All the signs are that Europe will finally rise to the challenge of becoming a geopolitical, and not just geo-economic player—even if this will not happen overnight. Putin may therefore think that he can still gain more on the battlefield than at the negotiation table and is likely to draw out the process of any talks. He clearly does not betray any sense of urgency on the part of Russia to end this war. But Trump has said more than once, including in the public rebuke of Zelenskyy on his Truth Social network immediately after their meeting, that he wants peace. The US president is unpredictable, and, occasionally, he should be taken both seriously and literally. An earlier version of this analysis was published by Channel News Asia on March 4, 2025. We hope you'll share Navigating the Vortex with anyone you think might find it of interest. Also, you can listen to our podcast editions via the website and on all major podcast platforms, including: Apple Podcasts Spotify Amazon/Audible Get full access to Navigating the Vortex at www.navigatingthevortex.com/subscribe

    7 min

Ratings & Reviews

5
out of 5
3 Ratings

About

We live in a complex and ever-changing world. To navigate the vortex we must adapt to change quickly, think critically, and make sound decisions. Lucy Marcus & Stefan Wolff talk about business, politics, society, culture, and what it all means. www.navigatingthevortex.com

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