Suppose next year pans out pretty much the same as this year and the front lines only move a few kilometres one way or another. Then suppose newly elected president Tr*mp withdraws all support from Ukraine on 21st January 2025.
I'm not saying the above scenario will happen, but it's plausible. I would argue that, if it does play out like that, Russia will win in Ukraine. It's certainly not clear to me that Russia won't win.
It seems pretty clear to me that Russia has already lost.
Discounting rhetoric and propaganda, some of the stated and unstated strategic goals of this invasion:
- Demilitarization of Ukraine
- Subjugation of Ukraine as a vassal state
- Installation of a puppet regime in Kyiv
- Unfettered access to Ukraine's natural resources
- The freedom of Sevastopol
- Blocking the spread of NATO
- Blocking Ukraine's entry to the EU
All of these are now off the table. Some of them permanently. In addition to these failed objectives, Russia has also suffered significant strategic losses demographically, economically, commercially, and diplomatically. These will take decades to recover from, if recovery is even possible. And these losses remain even if Ukraine fails to drive Russia out of its territory in the next few years.
Like steenkh says, Putin can say whatever he wants about having achieved victory in Ukraine, but by any important measure I think it's clear this invasion has already been a defeat for his regime and his country.