What McBride is really asking is whether Putin has frittered away his nation’s human and material resources through constant misadventures—most recently, and most egregiously, his misbegotten invasion of Ukraine. Losing is expensive, obviously; so is winning. It’s unclear which Russia is doing. Even if Putin recoups his fortunes after losing Kharkiv oblast over the past week, will momentary success beget grand-strategic failure over the long term?
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