James says nobody is winning this war currently and that both sides have strengths and weaknesses. Ukraine has superior numbers, better resolve and morale and international backing, while Russia has superior weaponry and superior stores of ammunition.
Both sides are holding each other in check with each achieving minor victories without any decisive blows. And both sides are trying to get to a better position at the negotiating table, but neither are there yet.
He concludes the likely outcome is messy rather than a clear cut victory for either side. But even that looks like it’s still up for grabs on the battlefield right now.