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See the bold (it seems like making this change would make more sense, but it's hard for me to articulate why exactly it would be an improvement):

https://join.substack.com/p/hawks-and-risks

The “window of opportunity for a peaceful settlement in Ukraine is therefore narrowing fast”. The window still exists, since Russia might “pocket the ‘results’ of the referendums as bargaining chips for negotiation” without moving to immediate annexation, which would “still leave open the possibility of peace talks”—we “do not know how long this possibility will exist, but given that time may be extremely short, Washington would be wise to urgently explore it”.

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