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The Russo-Ukrainian War has been unique among conflicts in the 21st Century in that is has been a largely mechanized war fought between similarily equipped armies.
For the most part, Russia has been able to rely on a large surplus stockpile of Soviet armored fighting vehicles to replenish its material losses. Ukraine has, to a much lesser degree, been able to maintain mechanized formations due to the supply of foreign donations.
But after three years of war both armies have been decimated in terms of mechanized forces; Ukraine has lost somewhere around 4,000 tanks, APCs, IFVs, MRAPs, and similar, where as Russia has lost somewhere around 9,000 AFVs, and just recently surpassed 4,000 recorded tank losses.
Its unlikely either side will be in a position to substantially rebuild their mechanized forces for the foreseeable future. The Trump admin has been reluctant to support Ukraine and Europe, while voicing support, has smaller stockpiles to fall back on.
Russia meanwhile has depleted its Soviet stockpiles, and while its production rate means they will never run out, its not enough to actually replenish losses.
Just compare Russian storage facilities before the war and now:


For the past few weeks there has been a substantial decrease in the reported presence of AFVs. Just look at how small the surely exaggerated Ukrainian kill claims have gotten recently:

One tank added? 2 AFVs?
The war is likely to continue, but I expect 2025 to witness increasingly non-mechanized forces (light infantry, motorized) to bear the brunt of the fighting. That partially is in favor to Ukraine, since Russian commitment to the offensive doesn't appear to have receded despite the loss of so much material. However, Russia maintains significant advantages in manpower and financial resources. Either way, I suspect the war is likely to continue into 2026 short of some sudden or unexpected development.
For the most part, Russia has been able to rely on a large surplus stockpile of Soviet armored fighting vehicles to replenish its material losses. Ukraine has, to a much lesser degree, been able to maintain mechanized formations due to the supply of foreign donations.
But after three years of war both armies have been decimated in terms of mechanized forces; Ukraine has lost somewhere around 4,000 tanks, APCs, IFVs, MRAPs, and similar, where as Russia has lost somewhere around 9,000 AFVs, and just recently surpassed 4,000 recorded tank losses.
Its unlikely either side will be in a position to substantially rebuild their mechanized forces for the foreseeable future. The Trump admin has been reluctant to support Ukraine and Europe, while voicing support, has smaller stockpiles to fall back on.
Russia meanwhile has depleted its Soviet stockpiles, and while its production rate means they will never run out, its not enough to actually replenish losses.
Just compare Russian storage facilities before the war and now:


For the past few weeks there has been a substantial decrease in the reported presence of AFVs. Just look at how small the surely exaggerated Ukrainian kill claims have gotten recently:

One tank added? 2 AFVs?
The war is likely to continue, but I expect 2025 to witness increasingly non-mechanized forces (light infantry, motorized) to bear the brunt of the fighting. That partially is in favor to Ukraine, since Russian commitment to the offensive doesn't appear to have receded despite the loss of so much material. However, Russia maintains significant advantages in manpower and financial resources. Either way, I suspect the war is likely to continue into 2026 short of some sudden or unexpected development.