Russia’s four-year war in Ukraine is grinding its economy to the brink. Skyrocketing prices, collapsing industries, and relentless Ukrainian drone strikes are exposing a nation stretched past its limits. As winter approaches, Russia’s finances, infrastructure, and public patience are wearing thin. Behind closed doors, quiet peace talks are underway—but Putin is running out of time, options, and money. One question now hangs over the Kremlin.
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