Leonid Bershidsky: Russia's Annexation of Crimea 5 Years Ago Has Cost Putin Dearly - Bloomberg: "His overconfidence after the successful annexation lured him into a trap where he lost all bargaining power: Five years ago, on March 16, 2014, the Kremlin held a fake referendum in Crimea to justify after the fact the peninsula’s annexation from Ukraine.... The highest cost to Putin came in bargaining power rather than in cash. Immediately after Crimea, geopolitical bargains were still possible for Putin.... After the eastern Ukraine adventure, and especially after the downing of Flight MH17 and all the laughable Russian denials that followed, his credibility was shot. Nobody knew if he would keep his end of any bargain.... Putin’s lack of credibility is an important reason he can’t build any alliances at all.... At the same time, Russians’ post-Crimea enthusiasm is gone, eroded by six years of falling incomes.... Russia, the world and, likely, parts of the Russian establishment are waiting for Putin to go, even if no one can make him leave.... Meanwhile, Fortress Russia is locked and no one’s coming to parley...
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