Putin is running out of options

As soon as front-lines stagnate as an offensive runs out of steam the issue becomes one of the ability to feed the war machine over time, making economic and industrial strength as well as logistics even more important. This is why the Kremlin should be worried about a stalled campaign because it means that so long as Russia stays in Ukraine then its sanctioned economy will struggle even more. Fighting a war is an expensive business. Published estimates of the daily cost have ranged from $500 million to $20 billion. Something a bit over a $1 billion seems plausible.

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The pre-war assumptions of a modernised and efficient Russian army that would soon overwhelm the outgunned Ukrainians have now been jettisoned but it remains difficult to accept the contrary assumption that this is a war that the Russians might lose. This is where the state of mind of those involved becomes important. Were it not for the fact that Russia still has the means to make life miserable for ordinary Ukrainians and use its firepower to push those unable to flee down into bunkers, one would say that it is facing defeat. Its army displays the pathology of one in disarray – at least away from the south, its logistics are literally being shot to pieces, command systems are degraded, and its troops demoralised and surrendering. We must keep emphasising that war is an uncertain business. The Ukrainians have yet to show how well they can cope with a major setback on the ground. But if they can manage more counter-attacks and start pushing Russian forces back and not just hold them off then we might have to revise the view that Ukraine’s best hope is to defend for as long as possible to give economic sanctions the chance to bite.

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