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Date: Fri, 16 Sep 2022 18:23:44 +0000
To: Andrew Sterling <andrew@sterlingcal.com>
From: The Signal <newsletter@thesgnl.co>
Reply-To: The Signal <newsletter@thesgnl.co>
Subject: The Hinge of Fate
Message-ID: <010f0183478ad637-dd305987-d00f-4a40-8fa9-459d181de7b8-000000@us-east-2.amazonses.com>
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tle=3D"" width=3D"650" /> </a></td>
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=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
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le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-left: 30px; pa=
dding-right: 30px;"><!-- [if mso | IE]>
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0"><tr><td style=3D"vertical-align:top;width:650px;">
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=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px; padding-bottom: 24px;">
=09=09=09=09=09=09<div class=3D"header-text" style=3D"cursor: auto; color: =
#b7985e; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica=
,sans-serif; font-size: 24px; font-weight: bold; line-height: 32px; text-al=
ign: left;">Ground Shift</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
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<div style=3D"margin: 0px 20px; max-width: 650px;">
<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 30px; =
padding-left: 30px; padding-right: 30px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" style=3D"width: 0%; height: 55px;" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">What do Ukrai=
ne&rsquo;s lightning battlefield gains mean for global politics? <strong>Ch=
ris Miller</strong> on the shifting calculations in Moscow, Beijing, and th=
e West.</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
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<div style=3D"margin: 0px 20px; max-width: 650px;">
<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size:0px;width:100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align:center;vertical-align:t=
op;direction:ltr;font-size:0px;padding:0px;padding-bottom:30px;padding-left=
:30px;padding-right:30px;"><!--[if mso | IE]>
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0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align:top;display:inline-block;dir=
ection:ltr;font-size:13px;text-align:left;width:100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break:break-word;font-=
size:0px;padding:0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse:collapse;bor=
der-spacing:0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width:650px;"><a href=3D"https://c1=
9gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrwd=
ESMr6NDlbHE4k9mA%2FfkPSKqfEmFHaB0p1PQpkKQ%2FVRl5B1X892jgYN7RId1Etstg/1/010f=
0183478ad637-dd305987-d00f-4a40-8fa9-459d181de7b8-000000/IWyCSQUZZUT819B7y9=
SH4MMFOTM=3D72" target=3D"_blank"><img alt=3D"Oles Navrotskyi" height=3D"au=
to" src=3D"https://s3.amazonaws.com/revue/items/images/018/008/258/mail/BAN=
NER-L-9_15.jpg?1663258149" style=3D"border:none;border-radius:0;display:blo=
ck;outline:none;text-decoration:none;width:100%;height:auto;" title=3D"Oles=
 Navrotskyi" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break:break-word;font-=
size:0px;padding:0px;padding-top:16px;">
=09=09=09=09=09=09<div style=3D"cursor:auto;color:#95989C;font-family:-appl=
e-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif;font-weight: 40=
0;font-size:13px;line-height:21px;text-align:center;">Oles Navrotskyi</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
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<![endif]--></td>
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<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<div style=3D"margin: 0px 20px; max-width: 650px;">
<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size:0px;width:100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align:center;vertical-align:t=
op;direction:ltr;font-size:0px;padding:0px;padding-bottom:30px;padding-left=
:30px;padding-right:30px;"><!--[if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align:top;display:inline-block;dir=
ection:ltr;font-size:13px;text-align:left;width:100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break:break-word;font-si=
ze:0px;padding:0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor:auto;color:#0=
00000;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,san=
s-serif;font-size:16px;line-height: 24px;text-align:left;font-weight:400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><strong>In a s=
tunning counter-offensive</strong>, Ukraine has retaken hundreds of square =
miles of its territory from Russian military occupation in the past two wee=
ks. Ukrainian armed forces have now regained control of much of the northea=
stern part of the country, including the city of Kharkiv, while Russian tro=
ops rapidly retreat. Ukraine&rsquo;s military has also made gains in the co=
untry&rsquo;s south. Media coverage of the victories shows residents of lib=
erated cities tearfully welcoming Ukrainian soldiers, while hasty Russian w=
ithdrawals have left behind weapons, vehicles, even food and clothing. But =
these developments are bringing important consequences outside the country&=
rsquo;s borders too. Russia&rsquo;s dramatic and surprising losses will aff=
ect the dynamics around Vladimir Putin in Moscow, as well as how key Kremli=
n allies, such as China, see the conflict&mdash;and Putin himself. Politica=
l and military leaders in the West could adapt their thinking to Ukraine&rs=
quo;s military progress, as well, as they monitor the situation and decide =
how to back Kyiv. What are the full geopolitics implications of the counter=
-offensive?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09<strong>Chris Miller</strong> is an assistant professor o=
f international history at Tufts University&rsquo;s Fletcher School of Law =
and Diplomacy and the co-director of the school&rsquo;s Russia and Eurasia =
Program. To Miller, it&rsquo;s now clear within Russia that Putin&rsquo;s s=
trategies for the war&mdash;touting its successes, downplaying its costs, a=
nd <a href=3D"https://c19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy=
.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FKYqRCjPlRUgImCP61tiaHA%2FVRl5B1X=
892jgYN7RId1Etstg/1/010f0183478ad637-dd305987-d00f-4a40-8fa9-459d181de7b8-0=
00000/plYDnyV4Yfx7OQ-sDNT38EcTsLw=3D72" style=3D"color:#333333;text-decorat=
ion:underline;" target=3D"_blank">using Russian energy supplies</a> to pres=
sure the West&mdash;are all failing. Putin has put himself in an <a href=3D=
"https://c19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2=
Fl%2F47QrwdESMr6NDlbHE4k9mA%2FQWje1478md8xJy1Xne87630A%2FVRl5B1X892jgYN7RId=
1Etstg/1/010f0183478ad637-dd305987-d00f-4a40-8fa9-459d181de7b8-000000/EYdri=
4CDmlh9Uip9JinSmWV_SCs=3D72" style=3D"color:#333333;text-decoration:underli=
ne;" target=3D"_blank">untenable position</a>, Miller says, by constantly f=
raming the war as easy to win, because Putin can&rsquo;t now admit to the s=
ubstantial human and material resources Russia needs to push back against t=
he Ukrainian advance. Meanwhile, his most important ally, China, now seems =
to have made a <a href=3D"https://c19gz9zr.r.us-east-2.awstrack.me/L0/https=
:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FgCDTaPCPHBbiXEXyBUWp=
uw%2FVRl5B1X892jgYN7RId1Etstg/1/010f0183478ad637-dd305987-d00f-4a40-8fa9-45=
9d181de7b8-000000/jsv3CCCJu8jUvN7H9QaqiJ07BPY=3D72" style=3D"color:#333333;=
text-decoration:underline;" target=3D"_blank">very poor decision</a> in sti=
cking close to Moscow, with Russia looking increasingly weak as a global po=
wer. As Miller sees it, Kyiv&rsquo;s gains on the ground are changing how W=
estern leaders perceive <a href=3D"https://c19gz9zr.r.us-east-2.awstrack.me=
/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2Ffvk7hHvLPF5=
k2gMc3wRZYQ%2FVRl5B1X892jgYN7RId1Etstg/1/010f0183478ad637-dd305987-d00f-4a4=
0-8fa9-459d181de7b8-000000/bMKB8iuNGrgJuncYScwGBJa1sOQ=3D72" style=3D"color=
:#333333;text-decoration:underline;" target=3D"_blank">possible resolutions=
</a> of the conflict&mdash;but while these gains make a Ukrainian victory m=
ore likely, the ultimate outcome of the war is still unclear.<br />
=09=09=09=09=09=09&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;">&mdash;&mdash;=
&mdash;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09<strong>Michael Bluhm</strong>: What do you make of these=
 recent and ongoing battlefield gains?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09<strong>Chris Miller</strong>: It&rsquo;s always difficul=
t to make predictions in a war, but everyone has regularly underestimated U=
kraine&rsquo;s capabilities since the start of this one.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;">Clearly, the U=
krainians have demonstrated the ability to launch a meaningful counter-offe=
nsive against the Russians. Clearly, the Russians have demonstrated an inab=
ility to properly defend against it&mdash;unable to have intelligence about=
 where Ukraine is going to attack and unable to maintain the reserve capaci=
ty to reinforce positions facing pressure from the Ukrainians.<br />
=09=09=09=09=09=09&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;">We don&rsquo;t=
 know to what extent that&rsquo;s generalizable across all Russian position=
s or whether it&rsquo;s somehow unique to the Kharkiv area. Insofar as it&r=
squo;s generalizable, Russia&rsquo;s defeats during the past couple of week=
s will weaken its ability to stand up to Ukrainian pressure that much more.=
<br />
=09=09=09=09=09=09&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;">I don&rsquo;t =
think that means Ukraine is about to push the Russians out of the country i=
n the coming weeks. But it does mean that Ukraine has a plausible story it =
can tell about how, if it keeps getting arms and the support it needs from =
the West, it can defeat the Russians over the coming months.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09<strong>Bluhm</strong>: How do you see these shifts on th=
e ground in Ukraine affecting <a href=3D"https://c19gz9zr.r.us-east-2.awstr=
ack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FQWje1=
478md8xJy1Xne87630A%2FVRl5B1X892jgYN7RId1Etstg/2/010f0183478ad637-dd305987-=
d00f-4a40-8fa9-459d181de7b8-000000/0sZ5CiPPwbVyTRgkQQYR6xzBbe0=3D72" style=
=3D"color:#333333;text-decoration:underline;" target=3D"_blank">Putin&rsquo=
;s position in Russia</a>?</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!--[if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<div style=3D"margin: 0px 20px; max-width: 650px;">
<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size:0px;width:100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align:center;vertical-align:t=
op;direction:ltr;font-size:0px;padding:0px;padding-bottom:30px;padding-left=
:30px;padding-right:30px;"><!--[if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
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=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align:top;display:inline-block;dir=
ection:ltr;font-size:13px;text-align:left;width:100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break:break-word;font-=
size:0px;padding:0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse:collapse;bor=
der-spacing:0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width:650px;"><a href=3D"https://c1=
9gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrwd=
ESMr6NDlbHE4k9mA%2FusP892f7UXdzouYGm7nkCwRw%2FVRl5B1X892jgYN7RId1Etstg/1/01=
0f0183478ad637-dd305987-d00f-4a40-8fa9-459d181de7b8-000000/ZjU6gvLhDqAXjgU-=
Yup3tvY4sw4=3D72" target=3D"_blank"><img alt=3D"Advertisement" height=3D"au=
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=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break:break-word;font-=
size:0px;padding:0px;padding-top:16px;">
=09=09=09=09=09=09<div style=3D"cursor:auto;color:#95989C;font-family:-appl=
e-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif;font-weight: 40=
0;font-size:13px;line-height:21px;text-align:center;">Advertisement</div>
=09=09=09=09=09=09</td>
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=09=09=09</table>
=09=09=09</div>
=09=09=09<!--[if mso | IE]>
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=09</tbody>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<div style=3D"margin: 0px 20px; max-width: 650px;">
<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size:0px;width:100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align:center;vertical-align:t=
op;direction:ltr;font-size:0px;padding:0px;padding-bottom:30px;padding-left=
:30px;padding-right:30px;"><!--[if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align:top;display:inline-block;dir=
ection:ltr;font-size:13px;text-align:left;width:100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break:break-word;font-si=
ze:0px;padding:0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor:auto;color:#0=
00000;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,san=
s-serif;font-size:16px;line-height: 24px;text-align:left;font-weight:400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><strong>Miller=
</strong>: It&rsquo;s clearly embarrassing for him. Putin has identified th=
is war with himself since day one. He promised Russians that it would be a =
straightforward operation&mdash;and within Russia, it&rsquo;s generally sti=
ll described as a &ldquo;special military operation,&rdquo; to emphasize th=
at it&rsquo;s not going to impose vast costs on the Russian people.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09But it&rsquo;s become clear over the past six months that=
 Russia can&rsquo;t achieve its goals in Ukraine without a drastic mobiliza=
tion of the Russian populace and economy. And even that might not achieve M=
oscow&rsquo;s goals. But the set of half-measures in play now is less likel=
y to work still.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09Although Russia started the war with much larger armed fo=
rces than Ukraine, Russia is facing issues with a lack of personnel&mdash;w=
hich shows the dilemma Putin&rsquo;s set up. He&rsquo;s afraid to organize =
a general mobilization because he&rsquo;s promised a cost-free or at least =
low-cost war&mdash;and yet he&rsquo;s got serious manpower issues because h=
e can&rsquo;t call up large number of Russians and force them to serve in t=
he army.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09He&rsquo;s facing pressure both from the anti-war doves a=
nd the pro-war hawks. The doves can&rsquo;t articulate this view in public,=
 but people are obviously asking in private, <em>What&rsquo;s the point of =
this whole war, anyway?</em> The hawks are saying, <em>Let&rsquo;s mobilize=
. Let&rsquo;s call up tens of thousands more troops, let&rsquo;s throw the =
economy into a wartime footing, and let&rsquo;s win.</em></div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09Putin stands uncomfortably in the middle, asserting maxim=
alist goals of defeating Ukraine while being unwilling to devote the resour=
ces needed to have a real shot at it.</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!--[if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
</div>
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

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<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size:0px;width:100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align:center;vertical-align:t=
op;direction:ltr;font-size:0px;padding:0px;padding-bottom:30px;padding-left=
:30px;padding-right:30px;"><!--[if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align:top;display:inline-block;dir=
ection:ltr;font-size:13px;text-align:left;width:100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break:break-word;font-=
size:0px;padding:0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse:collapse;bor=
der-spacing:0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width:650px;"><a href=3D"https://c1=
9gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrwd=
ESMr6NDlbHE4k9mA%2FfkPSKqfEmFHaB0p1PQpkKQ%2FVRl5B1X892jgYN7RId1Etstg/2/010f=
0183478ad637-dd305987-d00f-4a40-8fa9-459d181de7b8-000000/R6TNVJL9_dv0kXJ6zI=
d941PW2rU=3D72" target=3D"_blank"><img alt=3D"Oles Navrotskyi" height=3D"au=
to" src=3D"https://s3.amazonaws.com/revue/items/images/018/009/146/mail/BOD=
Y-1-9_15.jpg?1663261102" style=3D"border:none;border-radius:0;display:block=
;outline:none;text-decoration:none;width:100%;height:auto;" title=3D"Oles N=
avrotskyi" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break:break-word;font-=
size:0px;padding:0px;padding-top:16px;">
=09=09=09=09=09=09<div style=3D"cursor:auto;color:#95989C;font-family:-appl=
e-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif;font-weight: 40=
0;font-size:13px;line-height:21px;text-align:center;">Oles Navrotskyi</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!--[if mso | IE]>
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<![endif]--></td>
=09=09</tr>
=09</tbody>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<div style=3D"margin: 0px 20px; max-width: 650px;">
<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size:0px;width:100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align:center;vertical-align:t=
op;direction:ltr;font-size:0px;padding:0px;padding-bottom:30px;padding-left=
:30px;padding-right:30px;"><!--[if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align:top;display:inline-block;dir=
ection:ltr;font-size:13px;text-align:left;width:100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break:break-word;font-si=
ze:0px;padding:0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor:auto;color:#0=
00000;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,san=
s-serif;font-size:16px;line-height: 24px;text-align:left;font-weight:400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><em>More from =
Chris Miller</em> <em>at The Signal:</em></div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09&ldquo;<strong>There&rsquo;s a chance</strong> that the <=
em>muddle-through</em> option could work&mdash;in other words, that Russia =
could maintain the current level of resources Putin&rsquo;s devoted to the =
war without trying to bring new men into the Russian army and that, maybe, =
it&rsquo;ll work. But any sober observer, outside Russia or within, will sa=
y it&rsquo;s unlikely. At the same time, Putin&rsquo;s also been pursuing a=
 strategy of pressuring the West economically, hoping that the more Europea=
n energy prices increase, and the more Western consumers feel the pain from=
 expensive oil and gas, the less the West generally will be willing to supp=
ort Ukraine. But that hasn&rsquo;t happened either&mdash;so far. It&rsquo;s=
 clear that Russia can drive up energy prices, especially in Europe, but it=
&rsquo;s not clear that this will force concessions from European leaders. =
Most likely, Russia will continue pursuing these two strategies, for at lea=
st some time, and hope that they produce different results&mdash;which I wo=
uldn&rsquo;t say is a particularly rational policy-making process.&rdquo;</=
div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09&ldquo;<strong>China has been hedging</strong> since the =
start of the war&mdash;but it was hedging on the assumption that Russia wou=
ld win or achieve some sort of result that looks close to victory. Now the =
opposite&rsquo;s happened. Beijing has been hedging between the West, on th=
e one hand, and a Moscow, on the other, that looks a lot less competent tha=
n it did seven months ago&mdash;and particularly, a lot less competent in t=
he sphere where Russia has historically punched above its weight: military =
capability. If Russia&rsquo;s military isn&rsquo;t nearly as impressive as =
we thought, then Moscow looks like a much less relevant player, because rea=
listically, it has very few other levers of power that it can pull. If it i=
s true that Russia is less relevant, then it looks like a strategic error o=
n China&rsquo;s part to have hedged between a less relevant, less powerful,=
 less impressive Russia and a more influential, more powerful West. I don&r=
squo;t think Chinese President Xi Jinping is going to admit that error, but=
 the better Ukraine does in the war, the less intelligent this Chinese poli=
cy of hedging will appear.&rdquo;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin:0;"><br />
=09=09=09=09=09=09&ldquo;<strong>Ukraine&rsquo;s battlefield gains</strong>=
 are unlikely to affect the energy calculus on the European side, because t=
he changes underway in Europe aren&rsquo;t designed to be relevant over a m=
atter of weeks or months but over years. Regardless of what happens on the =
battlefield in the next three or six months, Europe will be buying substant=
ially less Russian gas in a couple of years&rsquo; time&mdash;maybe zero, m=
aybe a small amount, but far less than it&rsquo;s buying today. The same is=
 true with oil. European oil imports are going to decline regardless of wha=
t happens on the battlefield. Europe has made a generational decision to dr=
amatically reduce its reliance on Russian energy. It concluded that its pri=
or decision to integrate with Russia through energy supplies was a mistake.=
 And that conclusion isn&rsquo;t going to change, whether Ukraine continues=
 its counter-offensive or Russia manages to fight back.&rdquo;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!--[if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
</div>
<!--[if mso | IE]>
</td></tr></table>
<![endif]--><!--[if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
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