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Russia is waging two wars right now: a hot war with Ukraine whose costs are measured in death and destruction, and a cold war with the West whose costs are measured in economic hardship and inflation.
Russian President Vladimir Putin knows that in this cold war, time is not on his side. Even with China in his corner, the U.S. and its allies have an overwhelming advantage in wealth, knowledge, technology and finance. Mr. Putin’s only path to victory is to inflict a high enough short-term cost on Western consumers that political support for Ukraine will crumble.
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