What if Putin didn't miscalculate?

Suppose for a moment that Putin never intended to conquer all of Ukraine: that, from the beginning, his real targets were the energy riches of Ukraine’s east, which contain Europe’s second-largest known reserves of natural gas (after Norway’s).

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Combine that with Russia’s previous territorial seizures in Crimea (which has huge offshore energy fields) and the eastern provinces of Luhansk and Donetsk (which contain part of an enormous shale-gas field), as well as Putin’s bid to control most or all of Ukraine’s coastline, and the shape of Putin’s ambitions become clear. He’s less interested in reuniting the Russian-speaking world than he is in securing Russia’s energy dominance.

“Under the guise of an invasion, Putin is executing an enormous heist,” said Canadian energy expert David Knight Legg. As for what’s left of a mostly landlocked Ukraine, it will likely become a welfare case for the West, which will help pick up the tab for resettling Ukraine’s refugees to new homes outside of Russian control. In time, a Viktor Orban-like figure could take Ukraine’s presidency, imitating the strongman-style of politics that Putin prefers in his neighbors.

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