Judged by the din of Russian propaganda, Vladimir Putin has never been closer to winning his war on Ukraine. Yet three years after his invasion, it is not clear what “win” means. His goals are elusive. His “special military operation” was planned in secret. His government was kept in the dark, as were the Russian people. Mr Putin talks of defending Russian sovereignty, but what happens next depends in part on factors outside his control: politics in Ukraine, Europe’s re-armament effort, and above all Donald Trump. Negotiations with the Trump administration began formally on February 18th in Saudi Arabia.