How do you clear a path for peace using a blueprint for capitulation?

In this episode of The Swing, Pendulum's Heather Bakken, Yaroslav Baran and Balkan Devlen (also an internationally renowned geopolitical strategist) dissect the most contentious development in the Ukraine war since the full-scale invasion began: a leaked 28-point so-called “peace plan” reportedly penned in secret by U.S. special envoy Steve Witkoff, U.S. President Trump's son-in-law Jared Kushner, and Kremlin-linked businessman Kirill Dmitriev. Noticeably absent in the drafting of the plan — anyone from sovereign Ukraine.

What does “peace” actually mean in international affairs with a global order struggling to define the difference between ending a war and legitimizing aggression?

Baran and Devlen break down the plan’s territorial concessions, its hollowed-out security guarantees reminiscent of the failed Budapest Memorandum, and the strategic imbalance it would impose by restricting Ukraine’s armed forces while leaving Russia’s untouched.

They also explore why Vladimir Putin might be entertaining talks at all, from mounting infrastructure losses under Ukrainian drone strikes to domestic strains Russians rarely see reported.

One thing they all agree on is the current approach echoes the appeasement logic of the Munich Agreement with an outcome that nobody wants.