Just when we think we’ve got him where we want him

Is it just me, or is this turning out to be an exciting week?

The US and EU are launching draconian sanctions against Russian banks and energy companies, and against a number of Russian leaders personally. The intent is clearly to tighten an economic and political noose until Russian President Putin either backs down and abandons Ukrainian separatists (and, presumably, Crimea), or is forced from office – although just who could unwind the Russian foray without himself being overthrown in a coup is a big question.

Washington and Brussels would seem to have Mr. Putin where they want him, boxed in and caught right in their sights.

But hold the phone. The Independent claims a scoop, that German Chancellor Merkel is negotiating a deal with Putin to give everyone a way to back down. Major terms:

  • Russia keeps Crimea, but compensates Kiev for lost rent at Sevastopol
  • Russia withdraws support for Ukrainian rebels
  • Eastern Ukraine is granted more self-government
  • Kiev agrees not to join NATO
  • Moscow agrees not to interfere with Kiev’s EU trade relations
  • Gazprom enters a new long-term supply contract for Ukraine

At the very least, if the negotiations are real and become public, the sanctions will undoubtedly be eased, despite gnashing of teeth of western hardliners.

If that happens, Mr. Putin will surely have earned a black belt in political judo.

And Chancellor Merkel’s stature as stateswoman will overshadow, for a time, that of any other western leader.

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