One thing is clear, things are not going according to plan for Putin. Actually things are not going according to plan for anyone.
West did not think Putin would actually invade. He did.
Putin did not think west would respond in any meaningful way. They did.
Putin thought Ukraine will be a pushover. It hasn't been so far.
Bad planning, fuel and food shortages,
delaying the invasion till Winter Olympics were over upon China's insistence means
Russian vehicles are bogged down in wet mud. Poorly trained conscripts who are low on morale and surrendering without fight, sabotaging their own equipment to avoid fighting.
On the other hand Ukraine's social media game has been top notch. Not many people knew who Volodymyr Zelenskyy was before the start of the war. Now he's the talk of dinner table discussions across Western nations and is hailed as a leader of the free world. He may well end up being on the cover of
Time as person of the year. His selfie videos from the streets of Kyiv show defiance, his unshaven rough-and-tough looks in hunting gear give credence to his image as an underdog who is fighting for his country and his people. Ukrainians feeding surrendered Russian soldiers who are crying upon calling their mom, farmers stealing tanks and towing them away with their tractors, putting them up for sale on ebay. All viral material in the age of social media. It makes Zelenskyy a hero, Putin the villain.
The social media blitz will not stop the war, Russia will still conquer Ukraine despite poor planning and initial setbacks. It just has way too much firepower. However, the social media barrage will create sympathy amongst people in the west and their governments will find popular support to act against Russia. And acting they are and how!
Germany has agreed to send weapons for the first time to another country since the second world war. The economic sanctions against Russia are swift and severe. Russia has been cut off from the global economy. Western world has closed their skies for Russian airlines. Boeing and Airbus have refused to service the planes. World's biggest container lines have stopped shipping to Russia. Major western companies are stopping their operations in Russia. Yachts and villas of Russian oligarchs are being confiscated. Russian stock exchanges are shut since the start of the war. The central bank has doubled the interest rates to 20%. Russian economy is going to get hit hard. Much harder than Putin had anticipated. Yandex, Russia's Google+Amazon+Uber has already declared they might default on their debt.
Russia's economy is surprisingly small and largely dependent on exports of natural resources like oil & gas and metals. Their largest customers are European countries, the ones which are cutting off their trade with Russia. Even if Russia manages to find other buyers for their exports, payments are going to be an issue. Russian banks can't deal in USD, EUR or GBP anymore so exports have to be in gold, barter or another currency like Chinese Yuan.
Advantage China
China will emerge as the biggest beneficiary of this war. Russian companies are already rushing to
open Chinese bank accounts. Trade with China might be their only remaining lifeline. Chinese companies may come in to fill the vacuum left by western companies. Russia will be dependent on China as a single large buyer and provider or many of its needs. Life of ordinary Russians is going to get difficult. The sanctions will not stop Russia from taking over Ukraine but hardships faced by people may cause a revolt and uprising against Putin. All those who can, will leave Russia. There are already threads on
Hacker News about IT talent fleeing Russia. Brain drain coupled with thousands of jobs lost due to western companies shutting shop will have economic repercussions.
India will mostly be a bystander in this whole affair. We will be lucky if we are allowed to continue to get spare parts for our MiGs and Sukhois from Russia. Remember, we had to stop buying oil from Iran under US pressure. We are very much intertwined with the global economy and western civilization. Our population is huge but our buying power is comparatively less. China can get away with trade relations with Russia because its domestic market and production capabilities are huge. We don't have that luxury.
Putin miscalculated the cost of this war. He thought he will be able to bear the sanctions like last time. He thought western countries won't unite to oppose him. Exactly opposite has happened. He has united the major western powers like never before since WW II. He is clearly frustrated and rattled by the western response. So rattled that he is threatening nuclear war.
Ukraine will be decimated. So will be Russia's economy. China will be the winner.