- Russia’s war bill has blown a hole in public finances — parliament has effectively given the finance ministry a blank check, deficits are soaring and the sovereign wealth fund is being drained.
- Ukraine’s recent gains and long‑range drones are pushing Russian forces back and even striking deep inside Russia (including Moscow and St. Petersburg), worsening casualties and industrial damage.
- Ordinary Russians are feeling it — fuel shortages, long gas‑station lines and viral veteran complaints are stoking anger; Putin’s grip remains but the cracks are widening.
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