As the U.S. midterms approach, headlines regarding the Ukraine war are emerging at breakneck pace. But amid the noise and recurring outrage, the fundamental dilemma has not changed: how can the United States build up a self-sustaining European equilibrium that maximizes Washington’s room for maneuver in an increasingly multipolar world?

Achieving a comprehensive settlement to the war in Ukraine is a necessary, albeit insufficient, part of the answer. European leaders perceive Russia’s war of aggression not just as a security threat but as a fundamental breach of the post-Cold War continental compact. It will not soon be forgotten. As long as the fighting continues — and even in the event of a ceasefire that leaves deeper political cleavages unaddressed — Europe and Russia will not arrive at a stable balance of power on their own.

Time is running out to settle the war on terms that would be broadly acceptable to current European sensibilities. We must not lose sight of this bigger picture before it is too late.