The annexation of Crimea for one. This is now part of Russia and not part of a neighbouring state which was increasingly difficult to dominate.

Quote Originally Posted by Ulenspiegel View Post
outlaw,

if you use the situation in 2012 as starting and reference point, you have real trouble to explain where Russia won.

Russia is actually paying for less she had in 2012, this is not a gain, especially when your opponent can use asymmetric economic warfare to hurt you. An occupation of eastern parts of Ukraine would increase the problems, a cynic would actually hope for it.

Putin is minimizing losses, sorry.