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Assuming that the referendum will be fair, it would essentially be a referendum on surrender. Would the Ukrainian population vote in favour of this? They’re losing and would benefit immensely from peace but nobody likes being run over by a foreign army, even if your own leaders are pricks and Ukrainian society has been seeping in fascist Endsieg-propaganda since long before the Russian intervention in the civil war.
And that is assuming that the vote will be fair, which can not be expected.
If anything, this referendum could end up as a morale booster to the pro-war camp and prolong the suffering rather than the beginning of a peace process.
Two guanos enter the presidential palace, only one leaves alive.