After over four years of war in Ukraine, Vladimir Putin faces a complex dilemma extending beyond the battlefield. Russia’s economy has been fundamentally reshaped by the conflict, and state propaganda has solidified anti-Western sentiment within the population. The return of numerous war veterans presents further societal challenges. Analysts suggest that ending the war could pose significant political, economic, and social risks for the Kremlin, potentially equaling those of continuing the conflict. These risks stem from the deeply entrenched war economy and the ideological framework now central to Russian public life. A negotiated peace could destabilize the current power structure, according to a Radio Free Europe analysis.