The war between Russia and Ukraine, which erupted in 2022 and quickly became the deadliest conflict in Europe since World War II, has now entered its fourth year. Despite the efforts of various international actors to bring an end to hostilities, the conflict continues, with little indication that these interventions have achieved their intended effect.

In the early years, sanctions against Russia and military and financial aid to Ukraine produced some tangible outcomes. Kyiv was able to reclaim portions of the territory initially lost to Russian forces, and Russia’s economy experienced pressure. However, as the conflict has dragged on, it has evolved into a literal trench war, with neither side achieving decisive breakthroughs. Over the past year, Russia has secured minor tactical victories on the battlefield, but the front lines remain largely unchanged.

The West continues to devise new sanctions aimed at further weakening Russia, including restrictions on oil exports, yet at first glance, these measures appear to have lost their potency. Russia seems to........

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