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As we gear up for the first direct talks between Russia and Ukraine since the failed Istanbul talks of March 2022, a complex game of brinkmanship is underway.

Not surprisingly, in my view, President Putin ignored the coalition of the willing’s ultimatum to Russia to embark on an unconditional ceasefire for thirty days or face massive new sanctions. Instead he proposed what the Americans have been pushing for since Trump assumed office, direct bilateral talks with Ukraine in Istanbul on Thursday 15 May.

I have long argued that the only route out of the war in Ukraine is through talks. Compromise was offered by both sides in the first round of Istanbul talks in March 2022. Any new negotiations will require compromise from both sides, but the difference today is that the cards are more heavily stacked in Russia’s favour than they were in 2022.

Against this backdrop, President Zelensky has called on President Putin to meet him personally in Istanbul on Thursday. From my perspective, this appears an attempt to call off talks if Putin doesn’t show up.

Usually, when Heads of State meet, officials will have hammered out the negotiation for some time before hand. The leaders can then arrive and either sign on the dotted line or tackle the most difficult issues one on one. It’s now Tuesday 13 May. There is simply no way that Russian and Ukrainian officials will have lined up the framework for a deal for both leaders to sign in Istanbul on Thursday.

Even if Putin showed up on Thursday, Zelensky isn’t going to announce unilaterally that Ukraine is giving up its NATO ambition before the full negotiations have even started. Whether you agree or not, this is self-evidently Russia’s core ‘root cause’ of the war. The new German Foreign Minister, Johann Wadephul recently repeated the line that Ukraine’s path to NATO is irreversible, even though the Trump administration disagrees.

A form of words on Ukraine’s NATO aspiration that is agreeable to both sides in the war will take time to draft. And there’s a huge list of other detailed points that have to be addressed, including the line of control, the role of military forces from other states, the return of Ukrainian children, the protection of minority languages and so on.

Every statement that Zelensky has made since the war started has emphasised the need for the west to pile more pressure on Russia to ensure ultimate victory. He would meet Putin in Istanbul without the back slapping adulation that he receives in western capitals and with no pressure cards in his back pocket.

That doesn’t mean I think a meeting shouldn’t happen, because I do. The image of both war times leaders meeting in Istanbul, however awkward and uncomfortable, could be deeply symbolic in announcing the commencement of long overdue peace talks between officials. They could agree, face to face, to maintain a ceasefire for as long as those peace talks continued.

But no leader likes to turn up to any international meeting without the preparatory ground work in place. There is deep enmity between Putin and Zelensky for obvious reasons. Given Zelensky’s penchant for publicity stunts, the Russian side would want to be absolutely sure that the choreography of any meeting and the deliverables – what they would announce, however limited – had been agreed.

Putin will know that if he does not now turn up to Istanbul that Zelensky will hit the international airwaves calling for massive sanctions. But that if he meets Zelensky and a comprehensive deal isn’t agreed there and then – a frankly impossible feat it seems to me – then the same calls for massive sanctions against Russia will be made.

Of course, Putin will also know that that Europe can’t muster new sanctions massive enough to make a difference at this late stage in the process, having exhausted most avenues since 2014. On Victory Day, Britain unilaterally announced the ‘biggest ever sanctions package’ against Russia’s so-called shadow fleet of oil tankers. The idea that unseaworthy hulks are carrying illicit Russian oil into Britain is obviously fanciful. But in any case, with the global oil price now close to the G7 oil price cap on Russian oil, the idea of a shadow fleet, delivering oil at its market rate, has fallen away. Britain’s February sanctions package against 107 persons and entities was labelled the largest sanctions package since 2022. Let’s be clear, the biggest sanctions package against Russia was imposed in February 2022, and everything since that time has offered diminishing marginal returns.

But that’s not really the point. By trying to force a showdown in Istanbul, Zelensky may want to continue to paint Russia as the aggressor and to press the case for more military aid, having asked for three million new artillery shells during his recent trip to Prague. However, this war really must now end, having blighted over one million lives already.

Boris Johnson was wrong in March 2022 to discourage Zelensky from accepting the first Istanbul peace deal precisely because he could not back up the promise that he made; to support Ukraine for as long as it takes. Even though Britain continues to pump £4.5bn in yearly military aid into Ukraine, that sum pales against the free aid that the U.S. offered under Joe Biden.

Trump is offering nothing more now than to plunder Ukraine’s resources so that it can buy American weapons, and Europe cannot afford to make up the difference, for as long as it takes. Ukraine is still losing on the battlefield and now, apparently, treating its traumatised troops with ketamine to help them deal with the PTSD.

Despite significant risks around inflation and high interest rates caused by the enormous fiscal splurge on its war economy, Russia is still growing at a respectable rate. Europe is not.

For now, President Putin is keeping his powder dry by not responding to Zelensky’s relentless press stunts. It’s clear to me that Russia’s initiative of a second round of Istanbul peace talks from Thursday is essential in edging both sides closer to a cessation of the killing that should have ended over three years ago. Whether or not both leaders meet at the start or at the end of those negotiations, let’s just please get down to the business of talking.