Putin's latest marathon press conference/call-in show Itogi Goda ('Results of the Year'), once Direct Line, has become an annual ritual. 4.5 hours, 3M submitted questions, but what can we learn? Intransigence over Ukraine, attempts to talk up the economy, but a marked disconnect with a population that feels its social contract has been broken... and a president who felt just a little less grounded and focused than in the past.

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A demilitarised zone that invites armoured cars. A referendum that can’t be fairly run. A €210 billion pot that solves today’s bills but complicates tomorrow’s peace.

We start with shuttle diplomacy and the hard edges of a potential DMZ in Donetsk. On paper it pauses the fight; in practice Rosgvardiya blurs policing and militarisation, turning “demilitarised” into a loophole big enough for armour. We then map the constitutional and moral traps around wartime elections or referendums, where occupied voters, blocked monitors and legal grey zones collide with Kyiv’s need to navigate Washington without capitulating.

From there, we track Europe’s move to indefinitely freeze Russian sovereign assets and the push to spend them on Ukraine’s budget. It feels just and efficient, but invites Russian expropriations at home, lawfare against Euroclear, and counter‑seizures abroad. It also spends tomorrow’s reconstruction funds during the war, betting that weary voters will keep paying later. Meanwhile, Moscow counts manpower, energy pressure and US politics more than ledgers, so the deterrent effect may be modest.

The Ben Aris article I mention is at: https://www.intellinews.com/commnet-the-eu-s-reparation-loan-vote-needs-to-fail-416078/?source=russia

Finally, to a Paris restaurant where a row between Garry Kasparov and Vladimir Kara‑Murza exposed a deeper rift inside the exile opposition. PACE’s platform and its Berlin Declaration have elevated some factions while sidelining Navalny’s network, creating gatekeepers and fresh grievances. The result is predictable: public spats, claims of capture by donors, and propaganda gifts to the Kremlin. The uncomfortable truth remains that Russia’s future will be authored inside Russia; exiles matter most when they support rather than splinter the constituencies that still exist at home.

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There's not all that much to say about the Ukraine peace negotiations as delegations head to the USA and Russia, but I cover a few issues, from Trump's 'businessified' approach to geopolitics to the departures of both Andrii Yermak and Dmitri Kozak.

In the second half, I use Russian folklore, and the arrays of terrifying threats in the deep woods and the potentially terrifying spirits of hearth and home as a parable for Russian strategic culture. Honestly.

The forthcoming book I mention is Sophie Pinkham's The Oak and the Larch

The podcast's corporate partner and sponsor is Conducttr, which provides software for innovative and immersive crisis exercises in hybrid warfare, counter-terrorism, civil affairs and similar situations.

You can also follow my blog, In Moscow's Shadows, and become one of the podcast's supporting Patrons and gain question-asking rights and access to exclusive extra materials including the (almost-) weekly Govorit Moskva news briefing right here.

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