“He understands that he has certain escalation options and, obviously, does not want to use them because they carry great risks,” Fishman said.
“Whether it is the nuclear threat, mobilization, or now [self-proclaimed Belarusian president Alexander] Lukashenko, none of this looks like a solution. On the contrary, these options carry great risks for him personally, risks he does not want to take.”
Fishman added that Putin does not see a clear path to ending the Russo–Ukrainian war. Freezing the front or withdrawing forces now would be widely perceived as a defeat, he said, and that would create significant domestic problems for the Russian leader.
“An exit from the war now and a frozen front would rightly be seen as a defeat, especially after the high public stakes Putin has set in this war,” Fishman said.
“Stopping now would signal his capitulation. He believes he cannot present a frozen conflict as a victory, and that would hit him hard.”
On June 29, independent journalist Melik Kaylan wrote in Forbes that Putin could be toppled within three years if the current situation persists or worsens. Kaylan said scenarios for his fall range from a swift assassination to a show trial, and potential triggers include new Ukrainian attacks, domestic unrest, or China withdrawing support.
In a climate of growing paranoia, Kaylan wrote, a range of
events could spark a crisis: large-scale attacks on Moscow, food shortages,
separatist uprisings in regions such as Tatarstan, Bashkortostan, or Chechnya,
or Ukraine retaking Crimea.