Both sides need a peace deal, but Putin will want to portray it as a victory

TOMORROW the 47th President of the United States will be sworn in, having pledged he would bring peace between Ukraine and Russia within "24 hours" - quite a claim. Yet even if the world gives Donald Trump longer than a day, is such a deal possible after almost three years of all-out war?

- Lord Ashcroft

There is no doubt that Ukraine wants and needs peace, and hopefully a "fair" one however hard that will be to define.

Losing service personnel and land at a worrying rate, its leader, President Volodymyr Zelensky now talks openly about needing a settlement.

With Ukraine's support from the West never being more than half-hearted and in danger of being significantly reduced, there is only going to be one winner in the long run: Russia.

The widespread feeling therefore is Russia will not want to halt the war just as it is getting on top: instead, it will seek to erase Ukraine from the map.

But this underestimates the harm the war is doing to Russia. Its president, Vladimir Putin, pictured, will not lose any sleep over the fact that so many Russian and foreign troops have died fighting a needless war against its neighbour. But he will be deeply concerned Russia's economy is suffering badly as a result of the war.