I still think eventually Russia will win
At this point, statements of this nature are almost entirely an article of faith.
I wouldn't go this far unless and until winter comes and the most acute gas/heating issues with it. European "allies"
may become willing and be able to shift the balance in Russia's favour at that point.
Alternatively, one could argue that Russia - if it starts to lose lots more territory in net terms - will mobilise. I find this increasingly unlikely, but one can make a case for it happening.
Personally, I think Angel of Death has it right. Potential winners include China, the USA and arms dealers - but probably not Ukraine or Russia. Putin may well succeed in one of his personal objectives - to convince Russians that a better life isn't possible by damaging Ukraine and sowing discord between the neighbouring peoples, but rebuilding Ukraine after the war could mitigate parts of that.
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