Russia will end 2022 in a weaker global standing than when the year began. Its struggles in Ukraine surprised the Kremlin, and the global punishments are starting to hamper the Russian economy.
Ultimately, President Putin is betting that when it comes to sanctions, Europe will blink first — pulling back on its support to Ukraine as Europeans grow angry over soaring energy costs at home. He announced a five-month ban on oil exports to countries that abide by the price cap, a move likely to make the pain more acute in Europe.
Russian troops have proven unable to conquer Ukraine's capital Kyiv or the second city of Kharkiv. Kherson, the sole major city seized by Russia, was abandoned amid a Ukrainian counteroffensive in November. Russian forces have shelled the city repeatedly since retreating.