Our problem is that we do not fully understand Putin's calculus, just as he does not understand ours. In Putin's view, the United States, the European Union and NATO have launched an economic and proxy war in Ukraine to weaken Russia and push it into a corner. As Valery Gerasimov, chief of staff of the Russian armed forces, has underscored, this is a hybrid, 21st-century conflict, in which financial sanctions, support for oppositional political movements and propaganda have all been transformed from diplomatic tools to instruments of war. Putin likely believes that any concession or compromise he makes will encourage the West to push further.