The Kremlin’s most basic task right now is to keep Washington in a constructive mindset toward Russia. That in itself is already facilitating the achievement of Putin’s goals in Ukraine, so the Russian leader is prepared to pay a certain price to preserve this conducive atmosphere.

That price could take the form of what are effectively hostage exchanges (even if the equivalence of the most recent exchange is dubious), the release of Ukrainian prisoners of war, and perhaps even in the future, suspending hostilities temporarily or sending someone not too senior to meet with Ukrainian President Volodymyr Zelensky, whose legitimacy Putin does not recognize.

It will be a lengthy bargaining process in which Moscow is ready for any outcome, from limited agreements to ending all dialogue and even military escalation. The Russian leadership will try to avoid that last option—but not at any cost.

https://carnegieendowment.org/russia-eurasia/politika/2025/02/putin-trump-phone-call?lang=en&center=russia-eurasia