Agreeing with Mr former Older, I would just like to add that there is no guarantee that the USSR would have beaten the Germans if the UK had made peace and the US never entered the war. After all, the Germans did defeat the Russian Empire in the 1914-18 War, even with the UK and France still fighting in France. Horrible conditions then eventually caused Russian military morale to collapse and social revolution.
While Stalin and the Communists were much better at repressing their population than the Tzar it is possible that a German effort unencumbered by the need to deal with UK efforts in the channel and balkans would have had just enough impetus to take Moscow, which could have caused the Soviet regime to collapse. Especially if Hitler had harnessed eastern european anti-russian nationalist feeling: as opposed to just oppressing everyone.
I am not under-rating the morale or skill of the Red Army, but the great offensives it carried out in 1943-45 would have been impossible to sustain without western aid, especially in the thousands of US made trucks needed for logistical support, (the tanks, aircraft etc less important IMHO).
So if the Luftwaffe had gained air supremacy and forced a negotiated peace on the UK guaranteeing Hitler access to middle eastern oil, is is quite possible (note I am not claiming certain) that Hitler would have succeeded in the conquest of the USSR, with who knows what consequences.
So the BoB was a vital defeat for the Germans, along with Moscow 1941 and Stalingrad, because of its strategic implications.
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