Vladimir Putins invasion of Ukraine has degenerated into a savage war of attrition that each side believes it will win, but which in reality both sides will lose. Ukraine should intensify the search for a negotiated peace of the kind that was on the table in March, but which was abandoned following the Russian atrocities in Bucha.

NEW YORK Wars often erupt and persist because of the two sides miscalculations regarding their relative power. In the case of Ukraine, Russia blundered badly by underestimating the resolve of Ukrainians to fight and the effectiveness of NATO-supplied weaponry. Yet Ukraine and NATO are also overestimating their capacity to defeat Russia on the battlefield. The result is a war of attrition that each side believes it will win, but that both sides will lose. Ukraine should intensify the search for a negotiated peace of the type that wason the tablein late March, but which it then abandoned following evidence of Russianatrocitiesin Bucha and perhaps owing to changing perceptions of its military prospects.

The peace terms under discussion in late March called for Ukraines neutrality, backed by security guarantees and a timeline to address contentious issues such as the status of Crimea and the Donbas. Russian and Ukrainian negotiatorsstated that there was progressin the negotiations, as did the Turkish mediators. The negotiations then collapsed after the reports from Bucha, with Ukraines negotiatorstatingthat, Ukrainian society is now much more negative about any negotiation concept that concerns the Russian Federation.

But the case for negotiations remains urgent and overwhelming. The alternative is not Ukraines victory but a devastating war of attrition. To reach an agreement, both sides need to recalibrate their expectations.

When Russia attacked Ukraine, it clearly expected a quick and easy victory. Russia vastly underestimated the upgrading of the Ukraine military following years of US, British, and othermilitary support and training since 2014. Moreover, Russia underestimated the extent to which NATO military technology would counter Russias greater number of troops. No doubt, Russias greatest error was to assume that the Ukrainians would not fight or perhaps evenswitch sides.

Yet now Ukraine and its Western supporters are overestimating the chances of defeating Russia on the battlefield. The idea that the Russian army is about to collapse is wishful thinking. Russia has the military capacity to destroy Ukrainian infrastructure (such as therail linesnow under attack) and to win and hold territory in the Donbas region and on the Black Sea coast. Ukrainians are fighting resolutely, but it is highlyunlikelythat they can force a Russian defeat.

Nor can Western financial sanctions, which are far less sweeping and effective than the governments that imposed them acknowledge. USsanctionsagainst Venezuela, Iran, North Korea, and others have not changed the politics of those regimes, and the sanctions against Russia are already falling far short of the hype with which they were introduced. Excluding Russian banks from the SWIFT international payments system was not the nuclear option that many claimed. According to the International Monetary Fund, Russias economy willcontractby around 8.5% in 2022 bad but hardly catastrophic.

Moreover, the sanctions are creating serious economic consequences for the United States and especially Europe. US inflation is at a40-year highand is likely to persist because of the trillions of dollars of liquidity that had been created by the Federal Reserve in recent years. At the same time, the US and European economies areslowing, perhaps even contracting, as supply-chain disruptions proliferate. US President Joe Bidens domestic political position is weak and likely to weaken further as economic difficulties mount in the coming months. Public support for the war will also likely diminish as the economy sours. The Republican Party issplitover the war, with the Trump faction not much interested in confronting Russia over Ukraine. The Democrats, too, will increasingly resent thestagflationthat is likely to cost the party its majority in one or both houses of Congress in the November midterm elections. The adverse economic fallout from the war and sanctions regime will also reachdire proportionsin dozens of developing countries that depend on food and energy imports. Economic dislocations in these countries will lead to urgent calls worldwide to end the war and sanctions regime.

In the meantime, Ukraine continues to suffer grievously in terms of deaths, dislocation, and destruction. The IMF now forecasts a 35%contractionof Ukraines economy in 2022, reflecting the brutal destruction of housing, factories, rail stock, energy storage and transmission capacity, and other vital infrastructure.

Most dangerous of all, as long as the war continues, the risk of nuclear escalation is real. If Russias conventional forces were actually to be pushed toward defeat, as the US is now seeking, Russia might well counter with tactical nuclear weapons. A US or Russian aircraft could be shot down by the other sideas they scramble over the Black Sea, which in turn could lead to direct military conflict. Mediareportsthat the US has covert forces on the ground, and the US intelligence communitys disclosure that it helped Ukrainekill Russian generalsandsink Russias Black Sea flagship, underscore the danger.

The reality of the nuclear threat means that both sides should never forgo the possibility of negotiations. That is the central lesson of the Cuban Missile Crisis, which took place 60 years ago this coming October. President John F. Kennedy saved the world then by negotiating an end to the crisis agreeing that the US would never again invade Cuba and that the US would remove its missiles from Turkey in exchange for the withdrawal of the Soviet missiles from Cuba. That was not giving in to Soviet nuclear blackmail. That was Kennedy wisely avoiding Armageddon.

It is still possible to establish peace in Ukraine based on the parameters that were on the table at the end of March: neutrality, security guarantees, a framework for addressing Crimea and the Donbas, and Russian withdrawal. This remains the only realistic and safe course for Ukraine, Russia, and the world. The world would rally to such an agreement, and, for its own survival and well-being, so should Ukraine.

Original article reprinted with permission.