Rather than engage in lengthy discussions to pry concessions from Russia, US President Donald Trump seems committed to giving the Kremlin whatever it wants to end the Ukraine war. But rewarding the aggressor and punishing the victim would amount to setting the stage for the next war.

LONDON – At the end of World War I, John Maynard Keynes was part of the British delegation to the Paris Peace Conference, where the victorious Allies dictated the peace terms for the defeated Central Powers. He emerged from the conference distraught. As he subsequently wrote in The Economic Consequences of the Peace, delegates’ focus on short-term political considerations, including the desire to “punish” Germany for its aggression, would come at the cost of long-term social and political stability in Europe. It is a warning worth remembering today.