Realism emphasizes power; liberalism emphasizes rules. But both recognize that a great power’s cheapest yet most valuable asset is credibility. By this standard, President Donald Trump’s decision to ease sanctions on Russia, effectively abandoning Ukraine, risks exchanging long-term strategic capital for short-term tactical gains.

The immediate benefits are real: easing oil prices and inflation, freeing American resources to concentrate on the Indo-Pacific, and attempting a “reverse Nixon” strategy to drive a wedge between Russia and China. But these gains are questionable, and their long-term costs could be enormous.