Silicon Wafers

2026-04-18 | UPDATES #177 | Putin has never been weaker — and he knows it. Everything is falling apart for the tyrant of the Kremlin. Putin has never been in a worse position than he is right now. Nothing is going his way — simultaneously, across every front — in the spring of 2026.

The front is stalled. Losses are outpacing recruitment. The economy has contracted for the first time since the invasion. His approval rating is falling for the sixth straight week. Two-thirds of Russians want peace talks. His last remaining European ally was swept from power by his own voters. The oil windfall from the Iran war is evaporating. Ukrainian drones are systematically dismantling Russian refining capacity. And the propaganda machine — the machine that held the line through Kharkiv, through Prigozhin, through four years of attrition — is cracking.

In 2022, when Putin lost Kharkiv and Kherson, he still had cards to play. Mobilisation. The war economy. Orbán. Trump. Iran as a partner. The threat of freezing Ukraine into submission. Every card has now been played. None of them worked. Ukraine has only got stronger despite the terrible suffering that Putin has inflicted on the country and its people.