The Russia-Ukraine conflict has turned into a prolonged war of attrition, and Ukraine has exchanged its resources for a 'shabby report card'.

Territory has shrunk by nearly 20%, with the four eastern regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia under substantial control by Russia, losing 80% of its coastline, equivalent to nearly half of Ukraine being gone.

The population has plummeted dramatically, from 43 million before the war to about 30 million now, with over 10 million fleeing abroad, and heavy casualties among young adults, making conscription a norm on the streets.

Economic sovereignty has been hollowed out, with national debt skyrocketing from over 20 billion to 230 billion USD, the foundations of agriculture and industry collapsing, and mineral extraction rights taken by the U.S. in exchange for aid, leaving future generations to repay debts.

Diplomacy has become a supporting role; attempts to join NATO have been rejected, peace negotiations have been directly dictated by the U.S. and Russia, and Zelensky has transformed from a hero against Russia into the main course on the menu.

Behind the battlefield benefits for Russia is also an overdrawn situation, but land and resources give it a hold on the future.

The territory has been solidified, not only consolidating Crimea but also incorporating the four eastern regions into Russia, effectively controlling 120,000 square kilometers of land and key resources.

The economy has rebounded, but internal wounds remain serious; under sanctions, it relies on military-industrial self-circulation and energy shifts to Asia, leading to a slight GDP growth, but military expenditures consume 40% of the budget, and technological blockades have stalled high-end industries.

Geopolitical cards have been reshuffled; after completely tearing ties with the West, Russia has turned to embrace the Global South, and conducts trade with countries like China and India in yuan, unexpectedly broadening its circle of friends.

Domestic power has become more concentrated, cleaning up oligarchs and controlling public opinion under the guise of wartime; the public's tolerance is high, but pressures for conscription and inflationary risks are accumulating.

This war has reached a deadlock where 'it's exhausting for everyone to keep going, but stopping hurts even more'.

Ukraine has sacrificed its territory and sovereignty, and the promises from the West are mostly empty checks; Russia has gained a buffer zone, but at the cost of long-term isolation and financial overextension.

In simple terms, neither side has a winner, only that some are losing visibly, while others are suffering in the shadows.