Putin Has Lost the War in Ukraine

The only question is what the endgame will look like.

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Russian President Vladimir Putin holds a meeting with members of the government at the Kremlin in Moscow, Russia, July 8, 2026.

Sputnik/Gavriil Grigorov/Pool via Reuters

In February 2022, Vladimir Putin unleashed an unprovoked military attack on Ukraine assuming that Kyiv would fold in a week, that its president would flee or be killed by one of Russia’s hit squads, and that a soft, divided West would issue a strongly worded communiqué and get back to buying gas from Russia. Every one of those assumptions was wrong. Four-and-a-half years later, his military has been humiliated, President Volodymyr Zelensky is still in charge, and the West — despite some tenuous moments — has bankrolled the methodical destruction of much of the Russian military. Putin may yet hold a ribbon of scorched Ukrainian soil when the guns fall silent. He has already lost this war; the only question is what the endgame will look like.

Consider what “winning” now looks like from Moscow. In June, after months of grinding assault, Russian forces seized perhaps a dozen square miles of Ukraine — a patch smaller than Manhattan — and paid for it with something close to 40,000 casualties. The Institute for the Study of War reckons the exchange at roughly 1,300 Russian dead and wounded for every square kilometer taken, up from 68 the year before. That is more men lost in a month than the Kremlin can recruit, despite ever-higher signing bonuses and the clearing out of prisons. For Russia, the war has become a meat grinder, and Putin keeps feeding it his own people. With Ukraine’s drone advantage constantly growing both in numbers and sophistication, the eventual outcome is now clear.

Gregory W. Slayton

About the Author

Gregory W. Slayton

Gregory W. Slayton is a former senior U.S. diplomat, chairman of Slayton Capital, and author of Portraits of Ukraine: A Nation at War.

SI

About the Author

Sergei Ivashenko

Sergei Ivashenko is a co-author of the recent bestseller “Portraits of Ukraine a Nation at War,” which gives all profits from book sales to pro-Ukrainian charities.

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