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00:00And we're getting slightly mixed messages from Washington.
00:03I mean, on the one hand, we heard President Trump said the weekend that there's been some great progress being made and that he's very happy with the talks that are being made.
00:10And then we hear from the U.S. vice president speaking to Fox News three days ago saying there's going to be no end to the war anytime soon.
00:18I mean, how do we decode these slightly conflicting views?
00:23Yeah, I think President Trump is always trying to talk up the prospects of a deal to keep optimism.
00:30To keep trying to find ways to engage Vladimir Putin, get him into a process so that he is willing to try to end the war.
00:39I think J.D. Vance is just being realistic that Putin is not interested in ending the war.
00:45He wants to keep fighting the war.
00:47And we haven't got him in a position yet where he feels that that's necessary.
00:52As I said, though, I think towards the end of this year, he will start feeling that.
00:57His foreign exchange reserves are going to be running lower and lower, especially as the price of oil is down and as sanctions and possibly secondary sanctions take effect.
01:09And he also doesn't want to launch a full scale conscription in Russia.
01:14But without that, he's not going to have the manpower that he needs if he's going to keep taking losses at the rate that he is today.