Reports suggest that on some fronts Russia is retreating - some of this may be exaggerated but there is no evidence of Russian successes.
Whilst Zelensky continues to fight, the West will continue to supply him with weapons. Both from pride, and the possibility of recovering lost territory he is unlikely to back down. The West will also be happy to see the conventional threat neutered if the Ukraine conflict is extended.
Sweden and Finland NATO membership raises the risk of a Russian response. As the Russian conventional threat is proving weak and is already fully committed in Ukraine this seems unlikely. The final risk is nuclear - this is a judgement call - is it a real risk or potential posturing.
On balance IMHO NATO should not back down on Finland and Sweden membership. Whilst Putin may regard it as provocative, it is, and should be, wholly a decision for NATO to make.
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