Top of Mind Thursday – February 27, 2025: Three Long Years

This week was the third anniversary of the Russian invasion of Ukraine.Leverage2Market Logo

At the time, the expectation was this conflict would be over quickly—maybe in a few days, or at least a week or two.

But the Ukrainians rallied around President Vlodymyr Zelensky, fought back, and surprisingly held off the Russians—even making advances into Russian territory. They were only able to do this with the financial and materiel support of Western nations, including the US and several other NATO countries.

Both sides have endured significant losses, with estimates of 50,000 Ukrainian deaths and up to 200,000 Russians. While Russia has lost more soldiers in this war than in any previous conflict, they also have many more resources available, and they’ve even recruited North Koreans to fight for them.

Meanwhile, the US appetite for supporting this effort has dissipated with the current administration. Trump has previously built a strong relationship with Putin, and he seems very willing to sacrifice Ukraine to end the war by giving the Russian dictator what he wants. Now, he’s proposed taking half of Ukraine’s considerable mineral resources in return for some sort of unspecified American support. What a deal!

It’s not clear what happens next. However, many European nations are quite concerned about their US ally climbing in bed with the Russian dictator whose shadow looms over their eastern borders. They see Ukraine as the only thing stopping Putin from advancing into their territory.

Will Ukraine roll over and give up? Maybe. But perhaps not. It’s easy to sit back and come up with “deals” when it’s not your homeland’s right to exist as an independent entity that’s on the line.

The Ukrainian people have shown remarkable dedication and perseverance in this fight. Let’s hope they’re able to hold on long enough to come out of this with some semblance of their independence intact.

Slava Ukraini!


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