(Not behind a paywall.) In the interim that persists, Putin’s regime has attempted to straddle the difference between the old order and the new: seeking at once to refurbish assets and orientations that have depreciated but not lost all currency and, heedless of the hegemon, to embrace the markets that have downgraded them—running with the hare of a military cameralism and hunting with the hounds of a financial capitalism. The pursuit is a contradiction. But it is also a reflection of the strange, incommensurate position of Russia in the present international order, in which the regime is trapped with no exit in sight.
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