Ukrainian President Volodymyr Zelensky’s emerging policies have the potential to spur economic development but pose risks for Ukraine’s democracy and sovereignty. Zelensky has a uniquely strong public mandate and a capable and eager new team that can advance reforms. He is simultaneously consolidating power and taking steps that could endanger freedoms of speech and information. Zelensky promises to achieve peace in Eastern Ukraine within six months. He has yet to present a plan to do so without making major concessions to Russian President Vladimir Putin, however. An upcoming prisoner exchange and the concessions that the Kremlin has likely secured are indicators of the strength of Putin’s pressure. Putin is posturing for peace while he continues to consolidate control over his proxies in Eastern Ukraine, suggesting that the Kremlin might be setting conditions for multiple scenarios. Putin’s campaign to gain international acceptance of Russia’s illegal behavior is continuing to advance. The West should help Ukraine balance its effort to achieve peace and preserve sovereignty, and seek to prevent the normalization of Russia’s aggression outside its borders.

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