德银预测“普特会”：不会有突破，最可能结果是“为后续铺路”

Core Viewpoint - The upcoming meeting between Russian President Putin and US President Trump on March 15 in Anchorage, Alaska, is expected to address the Ukraine ceasefire and long-term solutions to the Ukraine crisis, as well as the potential for improving US-Russia relations [1] Group 1: Meeting Expectations - The meeting is the first face-to-face encounter between the two leaders since June 2021, with expectations being lowered by the US side prior to the meeting [1][3] - Trump estimates a 25% risk of failure in reaching an agreement during the meeting, indicating a cautious approach [1] Group 2: Divergent Positions - There is a significant gap in core positions between the US and Russia, making breakthrough progress unlikely [2] - Trump has assured European allies that he will not negotiate territorial issues with Putin alone, despite previously suggesting "land swaps," indicating potential shifts in his stance [3] Group 3: Current Environment for Negotiations - Although immediate breakthroughs seem unlikely, conditions for serious negotiations have improved compared to 6-12 months ago [6] - Key factors contributing to this improved environment include enhanced European defense capabilities and increased US support, as well as changing public opinion in both Ukraine and Russia favoring negotiations [7][8] Group 4: Economic Challenges for Russia - Russia's economic situation is deteriorating, with a projected sharp slowdown in 2025 and a rising fiscal deficit, which may hinder its ability to sustain military spending [9] - Despite these challenges, the battlefield situation remains critical, with Russia maintaining an advantage in military operations [9][10] Group 5: Possible Outcomes of the Meeting - Four potential scenarios for the meeting are outlined, with the most likely being limited outcomes that pave the way for future talks, such as a ceasefire on long-range strikes [11] - The nature of any agreement reached will be more significant than whether an agreement is reached at all, as a perceived unfavorable deal for Ukraine could have long-term negative impacts on Ukrainian assets [11]