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Maybe European rulers have come to the conclusion that they need to keep the meat grinder running in order to stabilise their regimes? The big bad Russian bogeyman has proven incredibly useful for distracting the public and justifying austerity, crackdown on dissent and expansion of the security state. If the war stops Putin will no longer be as scary and people might start to ask why their schools are falling apart or why their roads are full of potholes or why nothing is being done to avert climate disaster. They might demand some kind of peace dividend.
Pretty much
That and nothing is more profitable than a war
I still remember when they jacked up food prices and blamed it on the war
Even for things that didn't use any products farmed or made in Ukraine