The US special envoy for Ukraine and Russia said on Saturday Moscow may have to make territorial concessions as part of a settlement to end the three-year-long war in Ukraine.
Speaking at a panel at the Munich Security Conference, Keith Kellogg said both Ukraine and Russia would need to compromise and suggested that a potential agreement could include territorial adjustments, military reductions, and commitments to refrain from future "aggression."
Kellogg emphasized that Russia's economy, heavily reliant on oil and gas revenues, could be a key target for increased pressure.
He claimed 70% of Moscow's war funding comes from energy exports. "Most of that is going through the shadow fleet," he said referring to mechanisms Russia use to evade sanctions against it.
Kellogg argued that enforcing stricter sanctions on these revenue streams could weaken Russia's ability to sustain its war effort.
