The economics suggest that Putin can continue the war against Ukraine for several years to come, even taking into account the collapse in the currency and rising inflation and interest rates. Of course, that does not take into account political developments (like the Wagner revolt or gains by Ukraine’s NATO backed army). They could threaten Putin’s rule. And there are presidential elections in Russia next March – as supposedly there are in Ukraine. Both Putin and Zelensky must face the voters – at least theoretically.