How is Russia still fighting in Ukraine? Nearly a year into the “special military operation” against its western neighbor, Russian President Vladimir Putin’s military misadventure has exacted enormous costs on the country’s armed forces and transformed Moscow into a global pariah with precious few dependable international partners. Over time, knowledgeable observers have predicted, this state of affairs will dramatically impoverish the Russian state. For the time being, however, many have puzzled over precisely how the Kremlin has managed to sustain its war of choice. Part of the answer lies in energy. The country’s current account surplus hit a record high of $227 billion last yea
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