We won't know until the shooting stops, but one thing is for sure. Russia already won.
They have the gas, the gold, and plenty of buyers eagerly waiting to trade without the inconvenience of USD.
The age of conquering territory amongst military peers was rendered obsolete with the creation of nuclear weapons. Hence, the only way nuclear armed peers can wage war with one another is via economic and financial means. This explains why the use of economic sanctions, protecting petrodollar control, cutting off nations from SWIFT, and weaponized interest manipulation has become so often used against China and most recently against Russia by the US empire. The use of conventional armed forces still has a tactical role to play, but is no longer strategically looked upon to be the
coup-de-grace.
President Putin is no fool as he most likely studied and gamed the various scenarios and outcomes the US empire / NATO would do militarily, economically, and financially in response to Russia's special military operations in Ukraine. The current actions taken by the US empire and parroted by its vassal states were expected and could have been easily predicted especially after reading the suggested anti-Russia provocations published by the Rand Corporation in 2019. From a military perspective, the results on the ground clearly shows that Russia is not succeeding in conquering Ukraine militarily other than in those Russian-speaking populated areas that Putin said Russia would protect. However, if we look at the current results of the Ukrainian conflict from an economic and financial perspective, Russia is hurting but will not be alone in suffering.
Contrary to US imperial propaganda, it is only those nations that are vassal or client states to the US empire that have placed economic sanctions on Russia. Two of the most populated as well as two of the top-five economies of the World, China and India, have not followed suit. From a financial perspective, Russia was kicked out of SWIFT; however, time will see whether that negatively isolates Russia or spearheads movement by China and India to offer SWIFT alternatives to Russia to maintain energy trade as well as facilitate commerce among those nations belonging to China's Belt and Road Initiative.
When looking at the effects of the economic and financial hardships that were implemented to Russia, it is actually the US empire and its vassal states that will be doing the suffering in the long-term. First of all, Western Europe is the biggest looser of all. With the Nord Stream 2 pipeline indefinitely suspended, Western European countries will suffer higher costs of LNG from sourcing it from the US empire direct and whomever can make up the difference.
For Americans from a micro-perspective, US imperial policy to Russia will cause them to feel the pain with even higher gas prices and general overall inflation with no relief in-sight. From a macro-perspective, those same imperial policies have indirectly sealed the fate of the petrodollar and the future of its economy, as OPEC nations led by Saudi Arabia will begin preparing to accept alternative payment for oil other than US digitally printed toilet paper.
According to the Russians, the conflict in Ukraine has entered a second phase and the US empire / NATO are naturally interpreting this change from a military perspective. Due to the self-destructing economic and financial actions taken against Russia, the US empire is losing sight of the geopolitical trap that perhaps Putin set for them. Based on the economic and financial actions quietly being taken by Russia, China, India, and Saudi Arabia, it may very well be the US empire and its dominion that is to starve and left out in the ever-growing multipolar World.