Putin's Russia loses almost everything while trying to rebuild its power

Russia's Victory Day celebrations in Moscow's Red Square were canceled this year for the first time since 2003, a stark indicator of the pervasive fear of Ukrainian drone attacks. This cancellation underscores the significant impact the ongoing war in Ukraine is having on Russia, even on its most symbolic national holidays.

For years, President Vladimir Putin has used June 12th, Russia Day, to project an image of national strength and a drive to restore the country's former power. However, the war in Ukraine, now in its fifth year, has yielded a "catastrophic" balance for Russia. Instead of rebuilding its influence, Putin's actions have led to the loss of Europe's markets and a decline in Russia's global standing.

Before the 2022 invasion, Putin promised to halt NATO expansion eastward. Instead, the alliance has grown to include Sweden and Finland. Furthermore, the Ukrainian military, bolstered by Western support, has emerged as a formidable force, exposing the weaknesses and corruption within Russia's military apparatus. The economic consequences have been severe, with Russia losing access to crucial European markets, costing billions of euros annually. Its influence in EU countries, once reliant on Russian energy supplies, has diminished significantly.

Companies like Gazprom, once a global energy giant, have seen their value plummet, now reportedly worth less than Poland's Orlen. Sanctions have crippled technological development across various Russian industries, from agriculture to space exploration. Once-ambitious projects, like a crewed mission to the Moon by 2030, are no longer mentioned. By losing Europe, Putin has increasingly aligned Russia with China, placing the nation in a position of economic dependence on a more powerful partner, a far cry from the "rebuilding of an empire" he envisioned.