Yes, once invasion actually happens, all sides lose. For that reason, I never thought an invasion was likely. The U.S. loses because we would be forced into a sanction that also damages our currency. Also in the longer term, the Europeans will find ways to distance from the U.S. due to the devastating impact the sanctions have on their economy. The Europeans lose due to the damages to their economy and a potential refugee situation. The Russians lose due to the sanctions and the lost of Nordstream II sales. The Ukrainians lose due to the wars, potentially taking out the current government.Regarding the moves between US/NATO and Russia over Ukraine, I see quite some similarities to Taiwan straight crisis in the 1990s.
Regarding who is winning. I think both sides can claim winning and not backing down from their demand.
- US invite and encourage Ukraine to join NATO. Taiwan want to move more to official independence.
- Russia put possible invasion on the table without saying when and under what circumstance. PRC made it clear that military solution is an option without saying when.
- US make no promise of US boot on the ground now, nor a promise to accept Ukraine into NATO in the future. US does not make promise to come to the aid to Taiwan in case of invasion even there is the domestic law.
- Russia makes the military demonstration. China did the missile exercise.
- US moves in troops around Ukraine. US sailed CV through Taiwan straight.
- Taiwan did not make official independence. Let's see if and when Ukraine will apply for NATO membership.
The western media will claim a win forcing Russia back down from an invasion that requires a US first move which the US has decided not to take. It is a perfect circling trick to win everything by not winning anything.
- China never said it would invade Taiwan during the crisis. It couldn't be seen as back down from a position it never took.
- Russia never said of invasion. There is no position for Russia to back down from.
- US never said it will defend Ukraine. It can not back down from a position it never take.
- Taiwan might have taken further materialistic steps for independence if PRC did not show the force. And Taiwan did not take those possible steps since. So China reached its objective to prevent Taiwan's further move.
- It is almost certain that Ukraine would have or will soon apply for NATO membership if it is not because of Russia's forceful demonstration.
- Will Ukraine and US continue to push for their luck? We have to wait and see.
- The Russian objective is to prevent Ukraine joining NATO. Until that day (if it ever happens) Russian objective is attained.
To me, it is just a rehearse of what US administration has been doing since Obama's red line in the sand, to Trump's win in the trade war.
Everyone will just dance to the precipice and stop.