Russia's measures taken against the Western sanctions such as reducing gas supplies to and suspending imports of meat and fruits from Western European countries have also made these countries suffer a great loss, said Jia. "Along with its sluggish economy, the euro is continually depreciating, which has formed a stark comparison with the strong U.S. dollar and the recovering U.S. economy. European countries wish to avoid becoming victims of the deterioration of the Ukraine crisis," Jia added.

Instability in Ukraine has a different impact on Europe than on the United States. Should the Ukraine crisis persist and deteriorate, and should a new round of cold war break out as some fear, the United States would be the only one poised to gain while all other parties would certainly lose. After all, it is improbable that the flames raging in Ukraine would spill over the Atlantic Ocean and reach U.S. territory. It is much more likely that the potential full outbreak of war would engulf both Europe and Russia if left unchecked.

In an interview with Global Times, a Beijing-based news daily, Paris University professor Zhao Yongsheng said that a stable Ukraine is important for Europe, and its role as a buffer zone also benefits Russia. As for the United States, the Ukraine crisis can be used as a dual strategy to both weaken Russia's influence and contain Europe's economic strength by dragging them into a quagmire.

The essential point

After more than 16 hours of overnight discussions, the world breathed a sigh of relief as a joint statement was announced by the four parties.

Based on the deal, an "unconditional and comprehensive" ceasefire in eastern Ukraine was effective from February 15. The deal also envisaged the withdrawal of heavy weapons by both sides from the frontline, which should begin no later than the second day after the ceasefire, and the establishment of a buffer zone with a width of 50 to 70 km in southeastern Ukraine.

The four leaders also stressed in the ceasefire plan that "they are strongly convinced that a peaceful settlement is the sole option [for the resolution of the crisis]," a position that distinguished them from President Obama who said days ago that "the possibility of [arming Kiev with] lethal defensive weapons is one of those options that is being examined."

Responding to claims that the deal was a mere replica of that agreed upon in September 2014, Feng of the CICIR said that as the situation has changed a great deal since then, the new deal is more likely to be successful.

Due to Western sanctions and the drop of oil prices, Russia is eager to seek a peace deal, said Feng. "Otherwise, the continual deterioration of the crisis will bring disaster to the Russian economy," he added.

While Ukraine is not completely satisfied with the deal, it is even less willing to risk greater losses in battle, said Feng.

However, Feng stressed that the new deal is not a complete solution to the crisis.

Even though guns will fall silent and a buffer zone will be created, as Merkel pointed out after the talks, "big hurdles" still remain despite "the glimmer of hope."

Zhang Yao, a researcher with the Shanghai Institute for International Studies, echoed Feng's views, noting that the Ukraine crisis involves the territorial issue of Crimea as well as the political status of the Ukraine's eastern states Donetsk and Lugansk.

"There is almost no way to reverse the status of Crimea, which is already on the map as having been annexed by Russia," said Zhang.

Feng said that the essential problem of the Ukraine crisis is not the dispute between Russia and Ukraine, but is rather the struggle for strategic space between Russia and the West, particularly the United States. The crisis in the Eastern European country is essentially a geopolitical chess match.

Zhang added that the eastward expansion of the EU and NATO has inevitably squeezed Russia's strategic space. Russia, for its own strategic interest, needs Ukraine at least to maintain a neutral position and serve as a buffer zone between itself and NATO.

Feng concluded that finding a strategic compromise between Russia and the United States—a crucial element in the settlement of the crisis—remains a monumental challenge.

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