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 likelihood of an immediate ceasefire consensus between Russia and the U.S. is low due to significant differences in their core positions, although conditions for serious peace negotiations have become more favorable compared to 6-12 months ago [1][5][7]. Group 1: Meeting Context - The upcoming one-on-one meeting between Presidents Putin and Trump in Anchorage, Alaska, is the first face-to-face encounter since June 2021, with expectations of discussing the Ukraine crisis and potential long-term solutions [3]. - Trump has expressed a belief that an agreement could be reached, estimating a 25% chance of failure in the meeting [3][4]. - The U.S. has lowered expectations ahead of the meeting, indicating a more cautious approach [4]. Group 2: Negotiation Dynamics - There is a fundamental divide in core positions between the two sides, making breakthroughs unlikely [7]. - The U.S. has not yet exerted sufficient pressure to change the situation significantly, despite a recent shift in its stance towards Russia [10]. - Russia's official comments remain limited and vague, with Putin viewing the meeting as an opportunity to achieve multiple objectives, including economic ties [11]. Group 3: Factors Influencing Negotiations - Three key factors have shifted to create a more favorable environment for negotiations: enhanced European defense capabilities and U.S. support, changing public opinion in both Ukraine and Russia favoring negotiations, and challenges facing the Russian economy [15][16][17]. - Despite these favorable conditions, the ongoing battlefield situation remains a critical constraint, with Russia maintaining military initiative [18][19]. Group 4: Possible Outcomes - The report outlines four potential scenarios for the meeting, with the most likely being limited outcomes that pave the way for future discussions, such as a ceasefire on long-range strikes [21]. - Other scenarios include failure leading to increased U.S. sanctions or a negative outcome where agreements bypass Kyiv, though the latter is deemed unlikely [22]. - The nature of any agreement will be more impactful than whether an agreement is reached, with unfavorable terms for Ukraine potentially leading to long-term negative effects on Ukrainian assets [22].