India, March 20 -- The American and Russian presidents have spoken about a ceasefire in Ukraine. Russia has agreed to a limited ceasefire, restricted to stopping attacks on Ukraine's energy infrastructure. And America has expressed hopes that their ongoing talks could ultimately produce a "full ceasefire and permanent peace". This appears to be progress. But in reality, we may be seeing the makings of an aggressor's peace and a mediator's windfall.

The stated goal of American diplomacy since Donald Trump took office is to stop the daily killings of Ukrainian and Russian soldiers in a war that has likely claimed close to a million casualties. A noble goal, but ending any war requires much more than ending the killings. It requires a sense...