A fortification line in Kharkiv region, Ukraine. With casualties purportedly approaching one million, Russia could welcome an apparent US peace deal. EPA.
A fortification line in Kharkiv region, Ukraine. With casualties purportedly approaching one million, Russia could welcome an apparent US peace deal. EPA.
A fortification line in Kharkiv region, Ukraine. With casualties purportedly approaching one million, Russia could welcome an apparent US peace deal. EPA.
A fortification line in Kharkiv region, Ukraine. With casualties purportedly approaching one million, Russia could welcome an apparent US peace deal. EPA.

Russia’s ‘million-man’ casualty count makes Trump’s peace plan favourable for Kremlin


Thomas Harding
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Russian casualties in Ukraine are approaching one million dead and wounded, making President Donald Trump’s peace plans more urgent for Moscow, according to western analysts.

The latest figures since its invasion began three years ago show that Russia’s forces have suffered between 300,000 to 350,000 killed in action and between 600,000 and 700,000 wounded, according to the latest Ukrainian estimates provided by President Volodymyr Zelenskyy.

The Ukrainians also claim that its troops are approaching a ratio of 2:1 wounded to dead.

In the last year alone, Russia has ground forward, seizing 4,100 square kilometres but at a cost of 434,000 casualties, including 150,000 killed, the highest number in a single year. Ukraine has admitted to more than 45,000 military dead.

It is unclear how long the combatants can continue the immense cost in personnel. But the latest purported peace proposals by Mr Trump in which Moscow will retain all seized territory could be timely for President Vladimir Putin.

“One million casualties is immense even by Russian standards,” said retired British army officer Hamish de Bretton-Gordon. “Let us hope this stimulates the Russian people to let Putin know enough is enough, that it's time for peace with him or without him.”

Ukrainian soldiers with a tank at on the front line in the Kharkiv region, eastern Ukraine. EPA
Ukrainian soldiers with a tank at on the front line in the Kharkiv region, eastern Ukraine. EPA

Forced surrender

Mr Trump’s purported peace plan would leave Russia with all territory taken since 2022.

Under the leaked proposals, that Mr Trump allegedly wants in place by April 20, Ukraine would not be allowed to join Nato but might be put on a fast track to become a member of the European Union.

However, an analyst said the leaked plan “is in effect forcing a surrender on Ukraine”.

Keir Giles, a UK expert on the Russia military, said: “If Ukraine still considers that it is in condition to carry on the war, then it makes more sense to continue fighting than to accept terms like that.”

With Mr Trump keen to end the conflict within 100 days of being in office – April 30 – the issue will also certainly be discussed at the Munich Security Conference next week, attended by Mr Zelenskyy and other world leaders. According to Izvestia, the Russia Federation has not been invited.

Ukraine's President Volodymyr Zelenskyy and US President Donald Trump. AFP
Ukraine's President Volodymyr Zelenskyy and US President Donald Trump. AFP

Peace force deterrence

The peace plans, disclosed by Strana, a Ukrainian outlet, include an April 20 ceasefire that will halt Russia’s advances in return for Kyiv’s acceptance of Russian sovereignty of annexed land.

A final declaration for peace would be made by May 9, with Ukraine requested to stop military mobilisation and give up the part of Russia's Kursk province it took in August, followed by an international peace conference.

Part of the deal will be for a force of EU and British troops to patrol a demilitarised zone to prevent any further conflict.

But The National was told by the Czech deputy foreign minister this week that in Europe there was no “political will” to put troops on the doorstep of Russia.

“We don’t see much political buy-in in Europe for this and I wonder whether we have the necessary capabilities,” he added.

That point was agreed by Mr Giles, senior fellow for Russia at Chatham House think tank, who said whenever an international force in Ukraine was proposed “the EU is sent into a panicked frenzy of denials”.

It would also need to be a heavy armoured force “capable of defending itself” rather than “blue berets and light arms”, he added.

Russian soldiers fire by a self-propelled mortar 2S4 Tyulpan towards Ukrainian position AP
Russian soldiers fire by a self-propelled mortar 2S4 Tyulpan towards Ukrainian position AP

Nothing for Kyiv

Political sources have told The National that while there was a consensus for a ceasefire to happen, the conditions to make it work were “still far away from being in place”.

This is amplified by the operations with both sides continuing their offensives. Ukraine on Thursday launched a push using two armoured battalions to punch five kilometres further into Kursk.

Col de Bretton-Gordon said the apparent deal gave “absolutely nothing” for the Ukrainians beyond a ceasefire.

He suggested that at the very least Kyiv should get some “quid pro quo” for returning the estimated 4,000sq km of Russia territory.

Ultimately, Ukraine would only accept such an proposal if the country was “on the point of collapse”, said Mr Giles, giving examples of Finland in the Second World War and Rhodesia in the late 70s that were “under existential threat and sued for peace, even though that was on disastrous terms”.

He also criticised the “key missing element” in negotiations of a “security guarantee” that ensured Russia did not resume its territorial grab after its military had rebuilt following its immense losses.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

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Updated: February 08, 2025, 6:52 AM