As Ukrainian officials meet with US negotiators in Geneva with the possibility of full three-way talks involving Moscow, Kyiv and Washington in early March, there’s a glimmer of hope that an end to the conflict may be in sight. But the fact that after four years this remains a glimmer speaks volumes about the difficulties in ending the war.
Even Donald Trump, who promised to end the war in one day, has now stopped issuing ultimatums and deadlines to the warring parties.
In what has become a war of attrition, discussions about vulnerabilities and losses are only meaningful when compared with those of the opposing side. Reflecting on how each side’s theories of victory changed over the four years helps to grasp the war’s overall trajectory.
Russia’s initial plan for a swift knockout of Ukraine was foiled within the first few days of the invasion. Instead, it settled into a conflict of grinding the enemy down through slow advances on the battlefield and debilitating attacks on the energy infrastructure in the rear, with the expectation in Moscow that at some point Ukraine would throw in the towel.
But the question is whether Russia has enough manpower and economic resources for this strategy.
Russia is finally experiencing economic difficulties due to a combination of western sanctions and falling oil prices, which fell from over US$100 (£74) per barrel in 2022 to approximately $60 in 2025. In 2026, the Kremlin had to raise taxes and reduce its reliance on oil, whose share of Russia’s budget fell from 40% in 2019 to 25% in 2025. Perhaps the Kremlin is beginning to realise that this cannot continue forever.
But Russia’s weakness is relative to that of Ukraine. This applies to war losses: Putin believes that Ukraine’s manpower losses are higher than Russia’s (which flies in the face of what some western researchers estimate) and that Ukraine, with a much smaller population than Russia, has much less staying power.
Ukraine’s theory of victory, meanwhile, has evolved from a belief in an outright military victory in 2022–23, to just trying to exhaust Russia’s military in 2025 by using the “wall of drones”. But as the Russian army had captured some key strongholds, such as Siversk, Pokrovsk and Hulyaipole, Kyiv’s new defence minister, Mykhailo Fedorov (the fourth since the start of the war), declared that Ukraine’s path to victory now was to kill 50,000 Russian soldiers per month. That’s more than most estimates of Russia’s recruitment, which is believed to be around 30,000 per month.
Western politicians and analysts have embraced this theory, arguing that Russia’s unsustainable losses justify Ukraine continuing with the war with their support.
EPA/Maria Senovilla
But after four years, Kyiv’s position is hampered by the loss of the full support of what was once its key ally: Washington. The Ukraine frontline is being slowly but steadily forced back and in 2025 for the first time in the war there was no major Ukrainian offensive.
Kyiv’s best hope is to freeze the conflict along the current line of contact, get security guarantees from the west, join the EU, and maintain pressure on Russia through western sanctions. Unfortunately for Ukraine, there are issues with every item on this list.
The situation at home is challenging and funding from the west is declining, thanks to the US. Meanwhile, its energy infrastructure has been severely damaged, there are ongoing issues with unpopular mobilisations, and the country’s president, Volodymyr Zelensky, has suffered a significant blow from a major corruption scandal involving his closest aides.
However, crucially, Ukraine is still fighting and its best hope now is an economic collapse in Russia. Attacks on Russia’s oil industry were intended to hasten that collapse, but Moscow’s destruction of Ukraine’s energy grid has demonstrated its greater capacity for escalation. This year will not be easy for Ukraine.
Europe’s position
Since the start of the invasion, Europe’s ideal plan for helping Ukraine win has not changed. It is believed that a combination of economic sanctions and military aid to Ukraine will eventually cause Russia’s economic collapse and military defeat.
EPA/Marcin Obara
Other than this there is no European plan to end the war, except to try to prevent Trump from striking a deal which would favour Russia and gut Ukraine. For the best part of a year, the so-called coalition of the willing (Kyiv’s European allies led by France, the UK and Germany) has been talking about post-war plans with itself.
But the irony is that – despite being Ukraine’s biggest donor – coalition countries have been excluded from negotiating with Russia, whose consent to any western military deployment as a security guarantee for Kyiv will be essential.
Whatever happens, the EU will have to pay Ukraine’s bills, either to continue the war or to cover its post-war reconstruction. The EU’s promise to accept Ukraine as a member would also require increased funding over an indefinite period.
Whose side is the US on?
Under the Biden presidency, the US and Europe had the same theory of victory. However, since returning to power in January 2025, Trump has forced Europe to finance the supply of US military equipment to Ukraine. Meanwhile, it has opened negotiations with Russia to end the war.
The US push for peace remains a mystery. After all, if the Ukrainians are willing to fight and the Europeans are willing to pay for it, it is unclear why the US is so eager to end a war that is exhausting one of its geopolitical rivals in Russia.
Perhaps Trump genuinely wants to stop the killing. Or perhaps he believes that if the war is not stopped now, the eventual peace deal will be much worse for Ukraine and the west. Or maybe it’s simply a matter of stopping “Biden’s war”. A war that Trump has no interest in and that he clearly feels is hampering his plans to do business with Putin.
As with Gaza, a deal can be reached only when the parties involved in the conflict are exhausted and ready to stop fighting. In these circumstances, Trump’s mediation could succeed. For now, however, each side is still clinging to its vision of victory.
On its fourth anniversary, there is hope that this may be the last year of the war. While all sides are growing increasingly exhausted, it will be the “last mile” that matters most — who can muster the willpower and resources in the final stretch to end the war on their terms.
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