Russia’s military buildup on the Ukrainian border is easy to see. Satellite images show ever-growing patches of snow-covered tanks expanding along the frontier, and a stream of Russian TikTok posts records the steady westerly crawl of trains carrying missile launchers, armor and troops.

And yet despite the buildup — and even with the United States warning that an attack could come imminently, and NATO forces on alert — Ukraine’s leadership is playing down the Russian threat.

That posture has left analysts guessing about the leadership’s motivation, with some saying it is to keep the Ukrainian markets stable, prevent panic and avoid provoking Moscow, while others attribute it to the country’s uneasy acceptance that conflict with Russia is part of Ukraine’s daily existence.