Peace with Russia unlikely, ceasefire possible through financial pressure on Putin — U.S. diplomat

He said this during the GLOBSEC-2025 forum in the Czech Republic on Friday, June 13, according to European Pravda.

“I don’t believe we’re going to have peace,” Volker said. “I agree with the minister: maybe we’ll see a ceasefire. But to get there, we have to choke off Putin’s finances — make it nearly impossible for him to sustain the Russian state and continue the war without revenue.”

Volker also addressed whether President Donald Trump could play a pivotal role in ending the war, suggesting that Trump may be influential in sustaining U.S. military support for Ukraine.

According to Volker, Washington must ensure Ukraine continues receiving weapons — even if it's through paid agreements — to avoid adding financial strain on American taxpayers. He argued that this approach could gain bipartisan support and keep assistance flowing.

The diplomat also warned of a long and difficult fight ahead, as Russia regroups and fortifies its position on the battlefield.

“No one’s talking about invading Russia or marching on Moscow. But we do need to be prepared for a prolonged and intense standoff over the territory Russia has occupied,” Volker said.

Commenting on a new sanctions package currently being considered by the U.S. Senate, Volker criticized the Biden administration’s earlier approach to sanctions, calling it too soft.

“In the first three years of the war, there were loopholes — including allowing payments to Russian banks for energy. That meant Putin never really felt the full weight of economic pressure,” he noted.

The new sanctions package, Volker said, takes a stronger stance. It retains core restrictions, cracks down on Russia’s shadow fleet, eliminates carve-outs, and introduces penalties for those helping Moscow evade sanctions.

“It’s a serious deterrent. And when combined with efforts to keep global oil prices low, it could deal a major blow to Putin’s budget,” he concluded.