Interesting piece from Foreign Affairs with a surprising title to boot!
Some excerpts included below;
Russia controls a large swath of Ukrainian territory, and Kyiv has little chance of dislodging it, as Ukraine’s failed counteroffensive in 2023 demonstrated. To be sure, recent Russian gains have come very slowly and at significant cost; over the last three years, Russia has taken a mere one percent of additional Ukrainian territory. But that does not change the reality that Russia now holds almost a fifth of the land within Ukraine’s 1991 borders—or that Russia’s greater resources and population mean that Moscow can fight on for years to come. Overcoming those Russian advantages and clawing back lost land on the battlefield would require time and investment that Ukraine doesn’t have. Current circumstances are therefore pushing Kyiv toward a compromise peace—one that will necessarily include the surrender of Ukrainian territory.
I’m not going to address the casualty counts- because the author understands they are likely not accurate
…. the war is depleting a greater proportion of its manpower. Ukraine’s population today is just under 36 million, which is about 26 percent of Russia’s population of 140 million. Ukraine has just under 9.5 million men between the ages of 25 and 54, and it has lost between one and two percent of that cohort.For Russia, which has a little over 30.2 million men in the same age group, somewhat higher losses account for just 0.5 to 0.7 percent of the total. Ultimately, Russia, with its much larger population, can sustain larger total losses than Ukraine can.Moreover, Russia is fighting mostly with contract soldiers—people who have volunteered—and keeping conscripts away from the front. The result is more motivated Russian soldiers. So far, Moscow is not having much trouble meeting recruitment needs.
Ukraine, in contrast, relies heavily on conscription. Recent recruitment shortfalls and desertions have prompted increasingly draconian efforts to meet conscription a goal of 30,000 men per month. These include “busification,” the practice of grabbing men off the street and taking them in minivans to the local recruitment office. In addition to being unpopular, harsh methods are netting mostly older, less healthy, and clearly unwilling soldiers, many of whom desert at the first opportunity. Those who remain contribute little to the war effort.
When it comes to major weapons systems, Ukraine is outgunned across the board. As of 2025, Russia’s tanks outnumbered Ukraine’s at a ratio of nearly five to one.
Russia had more than three times as many infantry fighting vehicles and armored personnel carriers as Ukraine. It had 670 pieces of towed artillery to Ukraine’s 543. It had five times as much mobile artillery, nearly ten times as many multiple launch rocket systems, and nearly five times as many mortars. Russia had 163 combat aircraft; Ukraine had 66. Although Russia’s huge advantage rests, in part, on older, stored equipment, much of the Western equipment sent to Ukraine is also old, coming from partner countries’ stockpiles. But even excluding stored equipment, in most categories, Russia’s stocks are at least double Ukraine’s.
Economic power is foundational to military power, and Russia has an advantage there, too. Russia’s 2024 GDP (measured by purchasing power parity) was almost $7 trillion. Ukraine’s, in contrast, was almost $657 billion, less than ten percent of Russia’s. Nominal measures show the same substantial gap. Spending around seven percent of GDP, Russia can allocate $484 billion to defense. Even if Ukraine spends 30 percent of its GDP, it will be able to muster a defense budget of only $197 billion, less than half of Russia’s.
Admittedly, this figure underestimates Ukraine’s long-term military capacity because it excludes the substantial financial and in-kind assistance the country has received from western Europe and until recently (???) the United States. But Ukraine is more dependent on foreign partners than Russia is. Russia has a large indigenous defense industry and massive military stockpiles, although it, too, has come to rely to some extent on allies, including China and North Korea. Russia may not have all the cards, but it has big battalions and deep pockets.
Rampant corruption has undermined all aspects of Ukraine’s war effort.
Yet there can be little doubt that Russia can achieve more limited aims by force of arms. Roughly 2,866 square miles of Donetsk remain under Kyiv’s control. If Russian forces continue at last year’s rate of advance, they could take it in a year and a half, a reasonable time frame. They may also grab more chunks of Kharkiv, Sumy, and Zaporizhzhia. Doing so would cost Russia additional blood and treasure, to be sure, but it would impose greater relative costs on Ukraine, which Kyiv can ill afford.
The Ukrainians and their allies must now ask themselves what another year of war will achieve and at what price
Much more at the link included.