As O2 is noting, it's very preliminary to come to any realistic conclusions. I, personally, don't mind any guessing about what people think might happen, it's not a good idea politically / practically, but for discussion sake I find it very interesting to compare people guesses in the moment to the future reality (an interesting active history kind of thing).
The US and Russia will start a separate set of talks apparently focused more directly on only specific US / Russian topics.
Russian Deputy Foreign Minister Sergei Ryabkov claimed on February 22 that US and Russian officials are planning to meet within the next two weeks in an unspecified third country about bilateral relations. Ryabkov claimed that the United States and Russia are undertaking two "parallel" but "politically interconnected" negotiation tracks that will discuss the war in Ukraine and US-Russian bilateral relations.[1] Ryabkov added that Russia is prioritizing its demand for the United States to return six Russian diplomatic properties, likely referring to properties US authorities previously seized on charges of being used for intelligence purposes.[2] Ryabkov also stated that the United States and Russian delegations may discuss other international topics such as arms control and the situation in the Middle East.[3] US and Russian officials met in Saudi Arabia for bilateral talks about the war in Ukraine on February 18.[4]
ISW has an interesting observation on the to potential cessation of hostilities and the dangers the returning veterans might be to Putin's regime. It is looking like the Russians are in a loose / loose situation in a number of ways:
These are just highlights, if you want to read the whole thing, it's a bit long: https://www.understandingwar.org/backgrounder/putin-unlikely-demobilize-event-ceasefire-because-he-afraid-his-veterans::
The Kremlin is intensifying a campaign launched in late 2022 and early 2023 to prevent the emergence of an independent veterans-based civil society and an influx of alienated veterans in Russia likely because it perceives the demobilization of Russian veterans as a potential threat to regime stability.
The Kremlin likely fears that it will face even worse political instability than what the Soviet Union experienced after its withdrawal from Afghanistan in 1988-1989 because of Russia’s failure to militarize and mobilize Russian society for a protracted war.
The Kremlin is likely particularly concerned that veterans’ return could trigger a new wave of "Afghan syndrome" and the rise of new veterans groups critical of the Russian war effort or military
The Kremlin likely observed warning signs of the emergence of new political cleavages among Russian veterans after declaring partial mobilization in September 2022
The Kremlin faced the threat of an emerging veterans opposition movement against the Putin regime between late 2022 and mid-2023 when patrons tried to weaponize Russian servicemen and veterans to advance personal political objectives
The Kremlin launched various immediate force centralization, censorship, and repression efforts in late 2022 through mid-2023 to eliminate the immediate threat of an emerging anti-Putin veterans civil society.
The Kremlin launched the Defenders of the Fatherland State Fund in April 2023 as a long-term initiative intended to coopt veterans by monopolizing all veterans support initiatives and funds
The Kremlin established the "Time of Heroes" Higher School of Public Administration in February 2024 to form a new Russian elite composed of a limited number of loyal and ultranationalist veterans that will continue to militarize the Russian society over the long term
.....
The Kremlin has seemingly been successful in alleviating the immediate threat of the alienated veterans' civil society in mid-2023 and has been relatively successful in ensuring that the Putin regime does not face a similar political threat in the short term.
The Kremlin's veterans’ life and civil society initiatives are unlikely to meaningfully prepare Russia for mass reintegration of veterans into society and prevent the "Afghan syndrome" in the long run, however.
These initiatives likely lack the resources to accommodate tens or hundreds of thousands of returning Russian veterans and fulfill the Kremlin's enlistment promises
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Conclusion:
The Kremlin's focus on co-opting and establishing a state-controlled veterans civil society indicates that the Kremlin assesses that societal effects from Russia’s war in Ukraine can pose significant risks to Putin’s regime’s stability. The Kremlin therefore remains unlikely to demobilize unless it secures full political or military victory against Ukraine and after having taken measures to insulate Russian society from the destabilizing effects inherent in returning hundreds of thousands of veterans brutalized by the horrible conditions on the front lines back to civilian life. Putin's regime’s stability relies on the social contract that he had made with the Russian people to avoid the socioeconomic turmoil Russia experienced following the fall of the Soviet Union, and this consideration will likely continue to dictate his policies and calculus in the long-term. Putin likely perceives anything short of total political or military victory in Ukraine as risking mobilizing Russian veterans against the Kremlin.
A near-constant state of military mobilization is therefore one of the least politically risky configurations for Putin. This dynamic will likely prompt Putin to maintain high levels of military readiness to simultaneously set conditions that would allow him to sustain protracted or future war against Ukraine and / or prepare for a confrontation with NATO, while minimizing the threat that Russian veterans may undermine his regime. US policymakers must take these Russian incentives into account when assessing Russia’s negotiating position, and when evaluating what propositions the Kremlin is likely to reject.