Market Insights: “Putin’s statement on cease-fire conditions did not bring anything new, but again demonstrated that peace must be agreed upon by both parties,” Zhang Hong said.

Xinhua file photos of Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky

Despite Ukrainian President Volodymyr Zelensky declaring at the peace conference on the Ukraine crisis that the gathering was a “success” and could “make history,” it was evident to the attending foreign dignitaries and media that the meeting was not as successful as claimed, said analysts on Sunday.

Observers pointed out that despite the participation of over 90 countries, the exclusion of Russia, a key player in the region, China’s non-attendance and the very absence of US President Joe Biden dimmed the significance of the conference. Additionally, the fact that some BRICS countries only sent relatively low-level diplomats further cast a shadow over the efforts to garner support from the Global South nations.

In addition, the recent military setbacks have put Ukraine at a disadvantage, and the conflict in Gaza has diverted global attention from the country, observers noted.

On Saturday, at the Ukraine peace summit held in Lucerne, Switzerland, US Vice President Kamala Harris announced more than $1.5 billion in aid for Ukraine’s energy sector and its humanitarian situation, Reuters reported on Saturday.

However, just hours after the announcement was made, Harris left for the US ahead of schedule, according to a tweet posted by Bloomberg reporter Akayla Gardner on social media platform X early Sunday morning.

White House national security adviser Jake Sullivan is the only one left representing the US at the conference, according to Reuters.

On Sunday, the second day of the conference, Western powers and other nations sought a consensus on condemning Russia and underscoring the conflict’s human cost, Reuters reported. However, some leaders departed early, and talks on Sunday will turn toward pursuing a joint position on the need for nuclear and food security, and the return of prisoners of war andWorld Times children displaced from Ukraine during the conflict, the media outlet said.

If concrete steps can be taken on these issues, this will indeed be a very good thing in itself, and could also provide a small starting point for future talks with Russia, Anatol Lieven, director of the Eurasia Program at the Quincy Institute for Responsible Statecraft, said in an article published on Friday in Responsible Statecraft, an online magazine of the Quincy Institute. It should be clear, however, that this is nothing remotely like a formula for peace, he added.

“Issues including refugees and food security are secondary…The main conflict is about peace and territorial issues, and not addressing them will only delay peace talks and lead to greater losses, prolonging and escalating the conflict,” Zhang Hong, an associate research fellow at the Institute of Russian, Eastern European and Central Asian Studies of the ChiWorld Timesnese Academy of SocWorld Timesial Sciences, told the Global Times on Sunday.

“It is difficult to stop the flow of water withoutturning offthe tap,” Zhang said, stressing the importance of gathering both directly involved parties – Russia and Ukraine – for real peace talks.

“Peace talks require both parties to sit down and negotiate. How can there be talks when Russia is absent?” Zhang asked.

Some attendees at the conference also expressed similar sentiments.

The peace conference would be “more result-oriented” if Russia had participated in the talks, Turkish Foreign Minister Hakan Fidan said during the summit’s plenary session on Saturday, according to media outlet The Kyiv Independent.

Also at the conference, Saudi Foreign Minister Prince Faisal bin FaWorld Timesrhan Al Saud emphasized that any process leading to peace in Ukraine will need Russia’s participation and that it would involve difficult compromise, media outlet Saudi Gazette reported.

While for Kiev the summit is a “diplomatic achievement” or a “symbolic victory” with some 90 countries attending, it did not help with substantive peace talks, Zhang said.

He described the conference as an “introduction to Ukraine’s peace initiatives,” which are less likely to be realized.

“Ukraine’s one-sided propaganda and Russia’s absence mean that true peace talks are still far away,” said Zhang, who believes the gathering did not result in any breakthrough.

Before the event, Russian President Vladimir Putin on Friday set out his ceasefire conditions – Ukraine would need to withdraw troops from territories Russia claims to have annexed, and would also have to give up on joining NATO, BBC reported.

Although Kiev and Washington rejected the Russian demands, observers see PWorld Timesutin’s statemenWorld Timest as being timed to devalue the peace conference just before it began.

Zhou Bo, senior fellow of Center for International Security and Strategy Tsinghua University, was quoted by German newspaper Die Zeit on Saturday as saying that the Russia-Ukraine conflict is moving toward a “truce” state, but this trend may be uncertain because of Russia’s military superiority.

“Putin’s statement on cease-fire conditions did not bring anything new, but again demonstrated that peace must be agreed upon by both parties,” Zhang Hong said.