This transcript has been lightly edited for clarity.

There were times on the campaign trail that Trump suggested that what Putin was doing in Ukraine was permissible or perhaps even, admirable. That's completely gone. And what you saw shortly after the inauguration, was a series of comments from President Trump about how Russia is not doing well and how Russia has to come to the table. So it's not attacks on Putin. And it's not sweeping condemnations of Russia. But it's definitely not a warm and conciliatory approach. 

I think President Trump's emphasis on economic sanctions vis-a-vis Russia makes quite a bit of sense at the moment. Candidate Trump clearly indicated that he wanted to engage in diplomacy, some form of negotiations with Russia over the war in Ukraine. For that, you need leverage. US has a great deal of military leverage in the situation. But as the Russian economy begins to deteriorate, economic leverage may be equally important. 

The area that President Trump probably does not want to touch is gas and oil, because that affects the US economy and puts inflationary pressure on a number of different countries. So that's the path I think, that he will not take. I think it's more signaling at the moment. It's not that there's a discrete function for this or that sanction, it's just that the policy is going to be toughening from the US side, not, a policy of giving in or making concessions to Russia. 

And so it's maybe more symbolic than practical, but quite significant symbolically. My sense at the moment, and I think the inaugural address is important in this regard, is Trump is giving himself the maximum amount of space and room for negotiation. So he is not staking out a position, President Trump, that the US is going to push, for instance, concessions from Ukraine if the US is going to compromise on Ukrainian sovereignty, or that the US is going to pull back support for Ukraine, it's all open space. 

President Trump did not mention Ukraine in his inaugural address. I don't think it's because Ukraine is unimportant to him. I think it's because he's giving himself before the negotiations begin, as much room as possible.