Territorially? Yes, Russia is winning. But politically, economically and socially? Russia already lost. The deaths of thousands of soldiers in the face of Russia’s demographic crisis will result fewer labour force, which means lower tax revenue. The Russian economy is in war footing and this is already causing inflation because of heightened government expenditure, and businesses struggling to pay the ever increasing wage demands of civilians at home, who replaced the jobs that would have been filled instead by soldiers from the front. With secondary sanctions, even Chinese banks are reluctant to lend to Russia. The future generations of Russians will be paying for the economic and social consequences of the war in Ukraine. In essence, Russia may be winning territorially, but it will be a Pyrrhic victory with generational consequences.