Ukraine has both the political and popular resolve to liberate its territory. Thanks to the United States, Britain, Poland, and the Baltic states, Kyiv also has the economic and military means to believe it can achieve its ambition. In contrast, it is increasingly clear that Russia lacks the popular resolve to endure a bloody war. Equally important, Russia lacks the economic and military means to conduct a drawn-out war.

In the coming months, Vladimir Putin will thus be forced into one of two choices. He can end the war by ceding back those areas of Ukraine that his forces occupy. (Ukraine might allow Putin to keep at least some of Crimea under any ceasefire agreement.) Alternatively, Putin can escalate by using nuclear weapons in an attempt to end continued Western support for Kyiv and pressure President Volodymyr Zelensky into a Russian-favorable ceasefire.