Let's say its a draw as neither side fully achieved its objectives.
But which side achieved more?
If you look at today, Russia holds 20% of Ukraine which has natural resources and arable land worth trillions. It holds the Eastern part which is pro Russian and will now become part of Russia as Crimea.
Ukraine can't join Nato, wont be given security guarantees, wont have any western troops stationed there to enforce peace. Ukraine has been fractured and unless the EU is willing to pump billions post war to reconstruct it, it could fracture and disintegrate.
Zelenski days are numbered too. We might even see a pro Russian puppet installed.
Feels like a Russian victory to me.
The problem with Russia is that they were supposed to outright win this war, that is how they were planning on this particular operation to begin with, a quick victory follow by a quick transition of government, and then 100% of Ukraine going back to Russia just like the old time during Yanukovych.
We know 3 years later, this is not to be,
setting aside NATO expanded 6% and make a new front toward Russia (Finland front) and Russia now really and completely surrounded by NATO, I don't think NATO is the reason why Russia wanted to invade to begin with, just look at what they gain in Ukraine versus what they loses.
What they gain?
20% of Ukrainian Territories(which they already hold part of Donbas and Crimea to begin with, so it's not really 20% gain in this war), about 15% Ukrainian Natural resource which now worth around 1.7 trillion dollar (estimated Ukrainian Natural Resource worth around 12.5 trillion dollars) that's it.
What they lose?
about 7% Kursk. 50-70% of their entire military stock, between 500,000-700,000 killed, wounded and missing soldier, a highly inflated economy, losing almost all the Western Market beside Hungary and so on. Losing a large chunk of work force.
Now if you just look at what Ukrainian lose, of course you are going to see Russian come out ahead. But look at it this way, all these loses and making an arse out of their economy, for 15% of Ukrainian Natural Resource? That 1 trillion or so Russian gain would have to devoted into rebuilding their own military, and fix their own economy and then some,
in an alternative universe, what if Russia just trade with Ukraine and get those 1.7 trillion Resource that way? I am pretty sure it is going to end up a lot better than what it was today. Instead, they are getting a beat up in their economy and establishing a hostile neighbor that EU and US President after Trump is going to support to the fullest, for what exactly?