This running estimate provides a year-in-review analysis of the ongoing conflict between Russia and Ukraine. It assesses the key events, trends, and turning points of the war over the past year. The estimate also analyzes the political, economic, and military dimensions of the conflict, including international support, sanctions, and battlefield dynamics. It further examines the potential future trajectories of the war, considering various factors such as military capabilities, political objectives, and external involvement. The report also touches on the implications of the conflict for regional and global security.