While recent diplomatic efforts to bring Ukraine and Russia to a peace deal and the unexpected Easter truce announced by Putin are bearing no fruit, the situation on the battlefield remains the most influential factor in the future trajectory of the war—including diplomatic attempts to bring the conflict to a halt. Donald Trump seems to believe that Ukraine will inevitably lose the war if a peace deal that can satisfy the Kremlin isn’t achieved. But is that really the case? What shape are Ukrainian and Russian forces in in terms of manpower, equipment, and tactics? And what are the potential scenarios for the 2025 campaign?