Three years after launching his “special military operation” in Ukraine, Russian President Vladimir Putin faces a looming choice. In public, he exudes optimism. He has pulled his country back from the abyss and, with military means, defended its sovereignty, or rather what he calls sovereignty. Had he not done so, he asserts, Russia would have ceased to exist. Meanwhile, Russia’s GDP is growing—it increased by around four percent in 2024, according to official figures— and wages are not only