*Russia can't win: even discounting their net loss after the early days post Invasion, they have successfully inadvertently strategied further NATO on their direct border, genius geopolitics. And even if the West tires of the current level of spend over time (this is likely not ending any time soon) the Ukrainians now have a visceral hatred and will guerilla warfare for years to come, gradually draining Russia in a slow bleed long after little Vlad has shuffled off this mortail coil
* Ukraine can't win: country and lives and livelihood destroyed and likely will never fully gain back uncontested all the ground ceded since Feb 2022.
* USA may potentially be seen as winners: eg have depleted half of Russia's military with approx 5% of their military spend without literally having to put one foot on the ground
* Locked & loaded winners: military defence industry, hello Lockheed Martin