Russian President Vladimir Putin used to seem invincible. Today, he and his regime look enervated, confused, and desperate. Increasingly, both Russian and Western commentators suggest that Russia may be on the verge of deep instability, possibly even collapse.
This perceptual shift is unsurprising. Last year, Russia was basking in the glow of its annexation of Crimea and aggression in the Donbas. The economy, although stagnant, seemed stable. Putin was running circles around Western policymakers and domestic critics. His popularity was sky-high. Now it is only his popularity that remains; everything else has turned for the worse. Crimea and the Donbas are economic hellholes and huge drains on Russian resources. The war with Ukraine has stalemated. Energy prices are collapsing, and the Russian economy is in recession. Putin’s punitive economic measures against Ukraine, Turkey, and the West have only harmed the Russian economy further. Meanwhile, the country’s intervention in Syria is poised to become a quagmire.
Things are probably much worse for Russia than this cursory survey of negative trends suggests. The country is weathering three crises brought about by Putin’s rule—and Russia’s foreign-policy misadventures in Ukraine and Syria are only exacerbating them.
First, the Russian economy is in free fall. That oil and gas prices are unlikely to rise much anytime soon is bad enough. Far worse, Russia’s energy-dependent economy is unreformed, uncompetitive, and un-modernized and will remain so as long as it serves as a wealth-producing machine for Russia’s political elite. Second, Putin’s political system is disintegrating. His brand of authoritarian centralization was supposed to create a strong “power vertical” that would bring order to the administrative apparatus, rid it of corruption, and subordinate regional Russian and non-Russian elites to Moscow’s will. Instead, over-centralization has produced the opposite effect, fragmenting the bureaucracy, encouraging bureaucrats to pursue their own interests, and enabling regional elites to become increasingly insubordinate—with Ramzan Kadyrov, Putin’s strongman in Chechnya, being the prime example. Third, Putin
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