Ukraine has pretty much pulled off the impossible.
It's fought Russia to a draw in a war. It's battled one of the world's largest and most ruthless militaries to a virtual standstill.
Now, let that sink in for a minute.
Over the past two years, Ukrainian soldiers have fought the Russian military machine to a draw.
But despite this remarkable achievement, Ukraine could still lose.
It could still lose because the authorities in Kyiv have been either unable or unwilling to meaningfully tackle corruption.
It could still lose because they have been either unable or unwilling to rein in the oligarchs.
And it could still lose because they have been either unable or unwilling to reform the economy.
Ukraine is losing the war of governance.
And this is a tragedy.
It's a tragedy because good governance is what this whole crisis is about.
It's a tragedy because more than 100 ordinary Ukrainians died on the Maidan, and thousands of soldiers and civilians died on the battlefields of Donbas for the sake of the reforms that Kyiv is failing to deliver.
It's a tragedy because what happens in Ukraine is crucial for European security and the rules-based international order.
And it is a tragedy because this failure is exactly what Moscow is counting on.
The paradox of Ukraine has long been that its civil society has always been light years ahead of its political elite.
And now it's time to close the gap.
It's time for Ukraine's government to be as good as its people.
Keep telling me what you think on The Power Vertical's Twitter feed and on our Facebook page.