The idea that Russia might still lose the war in Ukraine has become a kind of security blanket for Western elites – a comforting illusion clutched in think tanks, editorial pages, and official briefings long after the battlefield realities have changed. We are now well past the phase where optimism could be excused as ignorance. The facts are in. Ukraine is exhausted. The West is demoralized. And Russia, despite its many internal challenges, is grinding toward its war aims with brutal consistency.