This will very likely end by both parties pronouncing they are the victors here.
For Ukraine the victory might be that Russia will most likely be unable to take Kiev and need to "withdraw" closer to their own borders i.e. the victory is not submitting in the "heroic" sense. However with a staggering economic loss and loss of life (including the refugees that might never return).
For Russia their victory will be claiming they "secured" the 2 rebel republics/Crimea. Also at a staggering loss - some of it army but mostly incredible economic sanctions. It remains to be seen if Putins regime will be able to survive that in the long run.
In terms of the classical definition I guess you could call it a stalemate - don't see how either of them can win - everybody loses. Who loses less - arguably I'd say economic sanctions still do not hurt as much as the decades Ukraine will need to rebuild. And Russia still has a huge amount of natural resources that others need and are willing to pay for.
I don't doubt that once this is over, the US and the EU will launch a generous reconstruction plan. Ukraine may end up with much better infrastructure in place of the destroyed one.
This could be financed from seized oligarchs' wealth. No need to spend taxpayer money. And Western construction companies will like those contracts, doubly so after Covid.
For Ukraine the victory might be that Russia will most likely be unable to take Kiev and need to "withdraw" closer to their own borders i.e. the victory is not submitting in the "heroic" sense. However with a staggering economic loss and loss of life (including the refugees that might never return).
For Russia their victory will be claiming they "secured" the 2 rebel republics/Crimea. Also at a staggering loss - some of it army but mostly incredible economic sanctions. It remains to be seen if Putins regime will be able to survive that in the long run.
In terms of the classical definition I guess you could call it a stalemate - don't see how either of them can win - everybody loses. Who loses less - arguably I'd say economic sanctions still do not hurt as much as the decades Ukraine will need to rebuild. And Russia still has a huge amount of natural resources that others need and are willing to pay for.