TIME

PUTIN WON. BUT RUSSIA IS LOSING

VLADIMIR PUTIN MAY HAVE BEEN RE-ELECTED PRESIDENT of Russia on March 18, but he’s far from the grand master of geopolitical chess portrayed in the Western media. Whether bragging about Russia’s “invincible” new missile, playing coy over accusations that his hackers play games with foreign elections or that his spies murder opponents in faraway places, the Russian President seems intent on restaging the Cold War—but without the military reach or global ideological appeal that made the Soviet Union a formidable foe.

What has Putin really won? Today’s Russia has an economy smaller than that of Canada. Its entire military budget is less

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