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Putin on the Fritz

Russia is in deep, deep trouble, spurring renewed speculation about possible collapse. But we’ve seen this movie before, and Putin always manages to hold on. Is this time different?

Vladimir Putin
"He’s obsessed with the war, and he does nothing except the war, but people in the Kremlin must do something, especially ahead of the parliamentary elections, which is why they are creating puppet politicians, trying to manage discontent, etcetera," says Mikhail Zygar. Mikhail Metzel/Pool/AFP/Getty Images
Julia Ioffe
May 25, 2026

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All is not well in Vladimir Putin’s kingdom. If you’re not obsessed with the place, then chances are the latest news you’ve heard was that Russia was winning on the Ukrainian battlefield and profiting from the high oil prices and temporary sanctions relief unleashed by Donald Trump’s war against Iran. But that isn’t quite true. In reality, Russia is in deep, deep trouble.