New Delhi, May 11 -- Russian President Vladimir Putin has hinted of an end to his country's war with Ukraine in his strongest signal yet of a will to reach a negotiated settlement after more than four years of active hostilities. For quite some time, it has looked like a stalemate. But with Kyiv's Nato backers divided, Moscow may see itself as a victor in a position to dictate peace terms.

That it has China on its side might have added to Russia's confidence. The Gulf war has boosted its oil and gas revenues too. Western sanctions have done little to make Moscow fall in line with Nato's demands.

Ending a war, of course, is easier said than done. Substantive gains must be shown to justify sacrifices. The same dilemma confronts US Preside...