Navigating the Vortex copertina

Navigating the Vortex

Navigating the Vortex

Di: Lucy P. Marcus & Stefan Wolff
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 We live in a complex and ever-changing world. To navigate the vortex we must adapt to change quickly, think critically, and make sound decisions. Lucy Marcus & Stefan Wolff talk about business, politics, society, culture, and what it all means.

www.navigatingthevortex.comLucy P. Marcus & Stefan Wolff Economia Politica e governo Scienze politiche
Episodi
  • After four years of war, an end of the fighting in Ukraine is not in sight

    After four years of war, an end of the fighting in Ukraine is not in sight
    Feb 24 2026
    As Ukraine heads into a fifth year of defending itself against the unprovoked Russian full-scale invasion, the prospects of a just and sustainable peace agreement remain distant. On the ground, the land war continues to be in a stalemate, with the pace of Russian territorial gains now slower than some of the most protracted battles of trench warfare during the First World War.In the air war, Moscow has demonstrated a ruthless and brutal efficiency in destroying much of Ukraine’s energy infrastructure. The repeated destruction of power generation and distribution facilities has taken a serious toll on the Ukrainian population and economy. Yet beyond inflicting hardship, these strikes have not had the kind of strategic effect Russia needs to achieve in order to turn the military tables decisively on Ukraine.All in all, the Kremlin narrative of inevitable victory looks more like Soviet-style propaganda than a reflection of battlefield reality. President Vladimir Putin, however, is not the only world leader guilty of wishful thinking. His American counterpart, President Donald Trump, at times, also appears to make policy untethered from the real world. First, there was his claim on the campaign trail that he could end the fighting in Ukraine within 24 hours. Upon returning to the White House, Trump issued multiple ceasefire demands and associated deadlines that Putin simply ignored without incurring any cost. The latest plan from Washington is for a peace deal to be concluded between Moscow and Kyiv, approved by a Ukrainian referendum, and followed by national elections — all before June.The timeline for the American plan aside, a US-mediated deal between Russia and Ukraine remains possible. However, it is unlikely that it will take the form of the just and sustainable settlement that Kyiv and its European allies demand. If it comes to pass as a result of the ongoing trilateral negotiations currently underway, it is highly probable that Ukraine will have to make significant concessions on territory in exchange for US-backed security guarantees and a mostly European-financed package of post-war reconstruction measures.An additional bitter pill to swallow for Ukraine and Europe would be an unashamed US-Russia rapprochement with a simultaneous end to American sanctions on Russia, a flurry of economic deals between the two countries, and pressure on Ukraine’s other allies to follow suit, at least on sanctions relief and possibly on the release and return of Russian frozen assets.The other — and more likely — possibility is that not even a bad deal will be forthcoming. The Russian side has given no indication that it is willing to make any significant concessions. Moscow’s position is that Kyiv should relinquish control over the entirety of the Donbas, including territory in Ukraine’s fortress belt that Moscow has so far been unable to take by military force. In return, or under the terms of what Russia refers to as the ‘Anchorage formula’ allegedly agreed between Putin and Trump at their Alaska summit in August 2025, the Kremlin is apparently willing to freeze the current frontlines elsewhere along the more than 1,000 km long line of contact.Even at the very remote possibility that this was acceptable, or that Ukraine would be pressured into agreeing to such a deal, this would hardly seal a settlement, given that Russia continues to oppose the security guarantees currently on the table between Kyiv and its Western partners. Without them, territorial concessions make no sense for Ukraine, especially as there is no imminent danger of a collapse of Ukrainian defences.The Hungarian blockage of the EU’s €90 billion loan to Ukraine — likely instigated by the country’s Prime Minister, Victor Orbán, at the behest of both Trump, whose Secretary of State, Marco Rubio, had visited the country just before the announcement, and Putin, with whom Orban has had close ties for a long time — is not going to change Kyiv’s calculations significantly. Not only is the EU surely going to find a work-around to deal with this blockage but Orbán’s days as Ukraine’s principal foe inside the EU might be numbered given that he is trailing in opinion polls ahead of April’s parliamentary elections. As any embrace of and by Trump and Putin is unlikely to improve Orbán’s prospects for another term, the Hungarian blockage might ultimately prove temporary regardless of the outcome of April’s elections.If, as is therefore likely, Trump’s latest deadline passes without a deal being reached, the question arises what next? Trump could simply walk away from the war. He threatened to do so in the past but a likely mix of ego and the prospect of economic deals in the event of peace prevented him from doing so. Nothing suggests at the moment that this time will be different. There might be some angry exchanges and finger pointing, but after that, the current, deeply flawed negotiation process is likely to ...
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    11 min
  • Why it's worth saving the Organization for Security and Co-operation in Europe

    Why it's worth saving the Organization for Security and Co-operation in Europe
    Feb 21 2026
    The 25th Winter Meeting of the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE) should have been a moment of celebration and of reflection on past successes in advancing the organisation’s broader goals of comprehensive, cooperative, and indivisible security. Yet, much like the 50th anniversary of the organisation in 2025, it was anything but. The OSCE continues to be in a deep crisis.Triggered by the full-scale Russian invasion of Ukraine in February 2022, this is first and foremost a crisis of paralysis, with meaningful dialogue and decision-making among participating States in Vienna largely stalled. The OSCE continues to function operationally, with at least some meaningful and substantive business being conducted in the organisation’s specialised institutions — the Office for Democratic Institutions and Human Rights (ODIHR), the High Commissioner on National Minorities (HCNM), and the Representative on Freedom of the Media — as well as in its eleven field operations in eastern and southeastern Europe and Central Asia.The existing crisis of paralysis is further compounded by the wider crisis of multilateralism and the deliberate dismantling of the rules-based international order, which did not begin with, but has significantly accelerated since, the return of Donald Trump to the White House 13 months ago. The implications for the OSCE became particularly evident at the Ministerial Council in Vienna on 4 December 2025, when a representative of the US State Department called for “a reduction of at least €15 million in the annual budget by December 2026”, a shift in priorities away from politically contentious issues, and renewed engagement with Russia. Implied, if not explicitly stated, was the threat of US withdrawal from the OSCE: “If the OSCE continues on its current path, the United States will continue to assess our participation and support.”As with previous periods of institutional strain, the key question that arises from it is not new: can participating States reform the organisation and help it find a way back to being an effective contributor to security across its vast geographic area, stretching from Vancouver to Vladivostok? And perhaps more importantly, should they?The priorities of this year’s Swiss Chairpersonship under the theme “Dialogue – Trust – Security” certainly suggest that a serious attempt will be made. Key objectives include safeguarding the OSCE’s operational capacity (“preserve the basic instruments … and to ensure their financing”) and revitalising multilateral diplomacy (“foster an open dialogue on security”, “maintain channels of communication on security, including between States in conflict”).Another priority — to work for lasting peace on the basis of the Helsinki principles (enshrined in the organisation’s 1975 founding act) — envisages that “the OSCE is mobilising its instruments across all three dimensions to support a just and lasting peace in Ukraine”. Not only does this naturally align with the very purpose of the organisation but it also could give the OSCE a new lease of life in light of recent developments in the war against Ukraine.The prospect of elections, a referendum, and a possible peace deal could give the OSCE and its participating States an opportunity to bring to bear its experience and expertise in election observation, ceasefire monitoring, demining, on-the-ground mediation, and post-conflict institution building.However, not all of the OSCE’s past experiences in these areas were stellar successes. Getting the organisation into a position where it could meaningfully contribute to a lasting peace in Ukraine will require pain-staking, detail-oriented work in the corridors of the OSCE secretariat and the Hofburg in Vienna, not the megaphone diplomacy that tends to take place in the meetings of the Permanent Council or the Forum for Security Cooperation.For the UK, the OSCE – notwithstanding the organisation’s ongoing crisis – still represents an important forum to articulate and pursue its national interests. While just one among several mini-lateralisms that have recently emerged — including the ‘coalition of the willing’, the European Political Community, the Ukraine Defence Contact (or Ramstein) Group — it is unique in the sense that it is one of the few remaining fora where direct dialogue with Russia is not just possible but embedded in the organisation’s founding purpose.Such dialogue must, however, serve a concrete purpose, and it needs to be based on clear principles. As Chair of the Forum for Security Co-operation in the last trimester of 2026, and as a member of the Forum’s Troika in the preceding and subsequent trimesters, the UK is well positioned to support the Swiss Chairpersonship’s reform agenda and to contribute to restoring the OSCE’s operational effectiveness. This is further enhanced by the fact that the Head ...
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    6 min
  • Pay-as-you-mediate: Iran, Ukraine and Donald Trump's board of peace

    Pay-as-you-mediate: Iran, Ukraine and Donald Trump's board of peace
    Feb 20 2026
    The inaugural meeting of Donald Trump’s board of peace in Washington on February 19 caps a busy week for US diplomacy — though not necessarily for the country’s professional diplomats, who have been largely excluded from the close-knit circle of the US president’s personal envoys: his former real-estate business partner Steve Witkoff and son-in-law Jared Kushner.Earlier in the week, Witkoff and Kushner attended two separate sets of negotiations in the Swiss city of Geneva. They first sat down for indirect talks with Iran, before then leading negotiations between Russia and Ukraine, and eventually dashing back to Washington to attend the board of peace meeting.At best, Witkoff and Kushner have a mixed track record of diplomatic success. Kushner was a key mediator in the Abraham accords during Trump’s first term in office. Designed to normalise ties between Israel and other states across the Middle East, the accords have failed to create sustainable momentum for regional peace and stability.So far, only the United Arab Emirates, Bahrain, Morocco, and Sudan have established full diplomatic relations with Israel. Saudi Arabia — the most influential player in the Middle East by most measures — has not followed suit.Witkoff has been credited with playing a key role in mediating the January 2025 ceasefire between Israel and Hamas. He was also involved in the negotiations around the Gaza peace plan later that year, which, with endorsement from the UN security council, gave rise to Trump’s board of peace.Both men have also been at the centre of efforts to end Russia’s war against Ukraine. Witkoff has been involved from the start of Trump’s second term, with Kushner joining more recently at the end of 2025.Yet, neither Kushner’s addition to the team, nor a greater focus on a parallel track of negotiations between Washington and Moscow, focused on the mutual economic opportunities that peace between Russia and Ukraine would create, have brought the warring sides closer to a deal.Taken together, the outsized roles that Witkoff and Kushner are playing in US diplomacy — despite their limited success — expose a fundamental misunderstanding of what peace making involves. Peace deals are generally complex. To get one across the line requires mediators and support teams that are deeply knowledgeable about the conflict in which they are mediating and have a detailed understanding of how a plethora of issues can be resolved in a technical sense.Above all, mediators need to be aware of what has driven the parties to conflict and what might induce them to cooperate. While material incentives, such as the promise of economic development in exchange for peace, are important, warring parties often also have symbolic and psychological needs. These also need to be addressed to ensure the parties sign on the dotted line and will commit to peace in the long term.Having just two people with little prior experience of diplomacy and almost no expertise on either of the two conflicts they are currently mediating simultaneously is a recipe for failure. It is likely to lead to a deal being pushed that is simply unattainable in the short term because at least one party will not sign.And if a deal, against the odds, is agreed because of high pressure on one or both sides, it is unlikely to be sustainable in the long term because at least one of the parties will probably defect from it, and violence will resume. This is particularly likely if a deal lacks sufficient guarantees and enforcement mechanisms, because this lowers the threshold for defection for parties who are not negotiating in good faith.It is easy to see how such calculations apply in the context of the war against Ukraine. The Ukrainian president, Volodymyr Zelensky, has repeatedly made it clear that the Kremlin’s demands — especially Ukrainian withdrawal from territory in the east it has so far successfully defended against Russia’s aggression — are not something he will agree to.Even if he did, such a deal would almost certainly be rejected in a referendum. It will be psychologically close to impossible for Ukraine and Ukrainians to accept the humiliation of giving up something they have not lost, to reward Moscow’s aggression, and to be sold down the river by Washington in pursuit of an economic side-deal with Russia.Similarly, it is easy to see that Russia is not negotiating in good faith. Moscow is presenting Kyiv with an ultimatum, while destroying as much as possible of the country — both to weaken Ukraine’s will to resist and to undermine its future recovery. Add to that Russian resistance to credible security guarantees, and the true intent of Russia’s negotiation strategy turns out to be not the achievement of sustainable peace, but preparation for the next war.If and when negotiations on Iran or Ukraine break down, or if and when the agreements they might achieve collapse, supporting frameworks will need to be in place ...
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    7 min
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