Ukraine war: no side holds all cards and no surrender signed
Ukraine has not surrendered. Yet, the idea that Russia is winning the war has taken hold with the force of a fait accompli, to the point where those who dispute it must first explain why the conflict continues.
According to McFly, the starting point is stark: the fighting would be finished, lasting only as long as Russia wants, bleeding the West dry, with an added sarracena victory for the Kremlin. The most repeated rebuttal is far more prosaic: Ukraine has not surrendered, and as long as it doesn't, the score remains open.
Ukraine hasn't surrendered: the point that dismantles the headline
Neither can Russia occupy the entire country nor is Ukraine in a position to recover everything lost. If this underlying stalemate is accepted, the war ceases to be an ongoing surrender and becomes a contest to reach the best possible position for a future peace deal that nobody has yet convened. This nuance reorders the entire narrative.
One participant summarizes the score with three negations: there has been no Russian economic collapse, ammunition did not run out in the two months assumed, and the Ukrainian side has not recovered territory. With these cards, the announcement of victory sounds like a premature prophecy. You know how a war starts, never how it ends.
What does winning the war miccionan? From Donbas to Kharkiv
Here the real problem begins. If nobody defines what winning means, any outcome serves to proclaim victory. Part of the analysis argues that the initial goal was to overthrow the Kyiv government and that this objective failed: if truly sought, they would have mobilized triple the troops and material. The other reading responds that the declared purpose was always different, the demilitarization of the east, and that the game is played there in the Donbas.
In between, the objective stretches and shrinks depending on the front's wind. Some urge finishing off what remains of the Donbas and accepting the result. Others place Kharkiv in the betting pool and warn that the goal is so vague it could end up meaning anything. The problem isn't a lack of versions: it's that all fit.
Sanctions, ruble, and the economic front that doesn't collapse
The economic front was supposed to decide the war, and it hasn't. One of the most repeated conclusions is that both powers have failed precisely in their strong suit: the West in the economic weapon, Russia in the military one.
A participant reviews foreign trade to conclude that the blockade falls short. China is Moscow's main partner, ahead of Belarus and Kazakhstan, and its exports are primarily raw materials. With that profile, he deduces, sanctions have little bite, except perhaps on an uncomfortable flank: gold. The irony about the ruble's success circulates like a refrain.
On energy, a participant defends an uncomfortable thesis for everyone: electricity was already expensive before the invasion. The war wouldn't have created the problem, just advanced it by a couple of years, because Asian buyers were going to knock on the door anyway.
European rearmament and the loser many point to
One participant sums it up thus: Europe loses whatever happens. Another points to an armistice trinc by European rearmament unknown since World War II, with Poland, Germany, and Eastern countries multiplying Russian capacity several times over.
That scenario places Moscow before the same trap that cost it dearly during the Cold War: spending an indecent budget on arms to avoid falling behind. Current ballistic superiority would have an expiration date. And who would get rich, according to this line, is the US defense industry.
Ceasefire without peace deal: a recurring hypothesis
A recurring hypothesis isn't surrender, but a ceasefire without agreement. A Nagorno-Karabakh-type scenario: shots stop, peace doesn't arrive, and normalization between Brussels and Moscow remains frozen for years.
For Washington, that freeze would be particularly interesting. The underlying reading argues that NATO's entry into the Ukrainian board sought precisely to separate Europe from Russia, and now Brussels cannot let go of Kyiv's hand without breaking its own narrative. In that unstable balance, Poland and the Baltic states function as transmission belts for US interests on the continent.
The territorial and human cost is paid by Ukraine. Estimates circulate of 20% of territory lost, much of sea access, and three million fewer inhabitants. Added to this is a European horizon moving away: a minimum of ten years to enter the Union and no real perspective of joining NATO.
Remains the argument nobody has managed to close: winning militarily doesn't always equal winning the war, because what is signed at the table sometimes weighs more than what is conquered on the field. If neither Moscow can occupy the whole country nor Kyiv recover what is lost, what would each be willing to sign?
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication.
Read the full discussion (134 replies).