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The Game of Stakes: Russian Invasion of Ukraine

As Russian aggression against Ukraine drags on, there is a palpable sense that the world has entered a more dangerous phase. Russian President Vladimir Putin has unleashed mayhem not only in Ukraine but has also transformed the landscape of European security that will have reverberations far and wide. What started as a smart game of diplomatic manoeuvring by Putin has turned into an urban siege where whatever the Russian leader may or may not achieve on the battlefield will result in him losing significantly over the long term. Tactical, and even operational, success is likely to yield little strategic gain for Russia as nations around the world assess the impact of one of the most profound shifts in global security in decades.