Conventional wisdom holds that a negotiated end to the Ukraine war is neither possible nor desirable.  This belief is false.

It is also extremely dangerous for Ukraine’s future. The war is not trending toward a stable stalemate, but toward Ukraine’s eventual collapse.  Russia has corrected many of the problems that plagued its forces during the first year of fighting and adopted an attrition strategy that is gradually exhausting Ukraine’s forces, draining American military stocks, and sapping the West’s political resolve. Sanctions have not crippled Russia’s war effort, and the West cannot fix Ukraine’s acute manpower problems absent direct intervention in the war.  Ukraine’s best hope lies in a negotiated settlement that protects its security, minimizes the risks of renewed attacks or escalation, and promotes broader stability in Europe and the world.