He stressed that the forecasts "about the seizure of half of Europe by Russia" did not come true.

“Economic sanctions have not led to the collapse of the Russian regime, most of the world community remains ambivalent about the conflict,” McMucken writes in an article for the Von Mises Institute think tank.

The economist added that negotiations remain the most likely way to resolve the conflict.

In December, Deputy Foreign Minister of Russia Mikhail Galuzin said that the Ukrainian conflict has become protracted, any forecasts about the time of its end are untenable at the moment.