Why the economic war against Russia has failed

There was much mirth in the West this week when Vladimir Putin’s Victory Day parade through Red Square included just one tank, itself a relic from a museum. The inference was that Russia has lost so much military kit in Ukraine that it is a shadow of the military superpower the Soviet Union used to be.

Russia has certainly borne heavy losses (although any country conducting a foreign war would presumably have its military hardware on active duty rather than on ceremonial parade). But we should avoid being smug. The truth is that the war is not going well for the West either – at least in one respect.