
Long Slog Ahead in Ukraine
Author: Greg Valliere
March 19, 2025
THERE WERE SOME GLIMMERS OF HOPE YESTERDAY — more talks are likely — but there was nothing that would produce a Ukraine cease fire and a settlement any time soon. The war will continue into the summer, in our opinion.
VLADIMIR PUTIN HOLDS THE HIGH CARDS, as his troops head westward, and Western leaders — especially Donald Trump — seem too eager for a deal.
PUTIN KNOWS the West wants a deal soon but he’s in no rush, as thousands of North Korean conscripts are thrown into the meat grinder.
NEVERTHELESS, TRUMP DESCRIBED yesterday’s talks as “very good and productive,” which may have highlighted differences more than agreement, as David Ignatius writes in this morning’s Washington Post.
THIS FIRST ROUND, HE SAYS, confirmed what intelligence officials had predicted to him: that Putin hasn’t given up his desire to dominate Kyiv. He hopes to win in negotiations what he hasn’t been able to get on the battlefield.
PUTIN MADE SWEEPING demands yesterday. To prevent “escalation of the conflict,” he said the United States and its allies must accept “complete cessation of foreign military aid and the provision of intelligence information to Kyiv,” according to Russia’s account of the phone call. Those steps would hobble Ukraine’s military and could make it vulnerable to a devastating Russian attack.
IGNATIIUS WRITES THAT in his pursuit of peace, Trump now faces a dilemma. He could embrace Putin’s hard-line positions and attempt to bludgeon Ukraine into accepting them, but that would infuriate Britain and France, historically two of America’s closest allies.
ALTERNATIVELY, TRUMP could pressure Putin to make concessions, with new sanctions that would jeopardize Trump’s goal of “an END to this very horrible War,” as Trump wrote yesterday.
THE HARDEST ISSUE in this negotiation, Ignatius says, is security guarantees for Ukraine that would deter Putin from resuming his assault after a deal is reached. Kyiv has insisted on such protections.
BOTTOM LINE: Trump will either confront Putin and get concessions that could frame a lasting deal, or he’ll back off and ‘risk a bad deal that might be only a temporary pause in this terrible war.”
WHAT ABOUT TRUMP’S vow that he could end the war on one day? “I was being sarcastic,” Trump said recently.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2025 AGF Management Limited. All rights reserved.