Max, don't put words in my fingers. Our discussion was on whether Russia has won any territory, not whether Russia has also lost battles and territory. Of course they have. The point is that nearly 2 years in, Russia controls ~20% of Ukraine and there is (at this point) virtually no possibility that they are going to lose that 20%.

Russia is selling at a discount compared to 2021, no doubt. But they are still making a profit, and a good one at that. That is only on the actual transactions.

Russia is also now doing most all their deals using their own transaction system. How much money that saves them I don't know, but it will not be insignificant.

Russia is now doing a small percentage of their energy trades in dollars, whereas in 2021 they were doing a huge majority in dollars. How much money that saves them I don't know, but it will also not be insignificant.

Russia has traded majority partners from the West, particularly Europe, that was in stable growth but not growing massively, with Global South partners who are growing massively and/or have much more potential than the Global North.

So "that play" is definitely not over. It is just beginning.

All this sucks for me personally in Europe, and also for the planet regarding emissions. I don't like it at all compared to the world of 3 years ago, but me not liking it doesn't make it any less true.