Is Putin running out of momentum in Ukraine?

The war in Ukraine is unwinnable and could bring down the Russian economy. That’s the emerging assessment among Russia’s power brokers, as Vladimir Putin faces mounting challenges on the battlefield and at home.

Kremlin propagandists may still be “projecting confidence about the outcome of the war”, said Igor Gretskiy, of the Estonian-based International Centre for Defence and Security, but there’s been “a marked shift in mood” among Russia’s political and business elites. It’s no longer their “default assumption” that Russia will achieve its objectives.

What did the commentators say?

Setbacks have been mounting on several fronts, said Gretskiy. “First, the cracks in the Russian economy became impossible to ignore”, with the federal budget “deeply out of balance” and the deficit at the end of April nearly double what was planned for the whole of 2026.

“In the most serious sign of internal division” since Russia invaded Ukraine four years ago, senior Russian government officials have warned Putin that spending on the war “is on an unaffordable path”, said Bloomberg.

Then there is the military situation itself. Ukrainian drone attacks are causing severe disruption to Russia’s logistical networks and supply lines to the front, and long-range strikes have hit Russian oil-production infrastructure and even threatened Moscow. The Russian army is no longer able to grind out incremental capture of Ukrainian territory, and one million of its soldiers are thought to have been killed or wounded since hostilities began.

We’re in a situation where “the capabilities of both sides are comparable”, said Russian political scientist Vasily Kashin on Russia in Global Affairs. “Historically, such wars have only extremely rarely resulted in the complete destruction of one side.” Russia can have no hope “of annexing new large Ukrainian territories” when “it lacks the capacity to sustainably control and manage” them, and its goal of eliminating the Kyiv regime is “fundamentally unattainable at this stage”. The publication of such a damning analysis is “a further sign of growing dissent at the top of Russia’s political establishment”, said Catherine Belton, Russia reporter for The Washington Post.

“Sustaining the war machine” is also “eroding” the president’s “social base”, said anti-Putin activist Alexey Sakhnin in Jacobin. A recent poll by Moscow’s independent Levada Center suggests that 62% of Russians favour peace talks with Ukraine, with only 27% expressing support for continuing the war.

What next?

There are parliamentary elections in September, so the Kremlin will want to ensure that “increasingly evident war fatigue” doesn’t “affect the cohesion” of Putin’s system”, said exiled Russian politician Vladimir Kara-Murza in The Washington Post last week.

But if events continue to turn against him, Putin may feel he has not choice but to roll the dice and go for broke, Tatiana Stanovaya of the Carnegie Russia Eurasia Foundation told The Post’s Belton: “To a great degree, escalation is the only way to respond to a situation which you can’t control.”