Putin’s belief that he could build a Russian capitalism structurally interconnected with that of the West, but operationally independent of it—a predator among predators, yet a predator capable of defying them—was always an ingenuous delusion. By throwing Russia open to Western capital markets, as his neo-liberal economic team wished, in the hope of benefiting from and ultimately competing with them, he could not escape making it a prisoner of a system vastly more powerful than his own, at whose mercy it would be if it ever came to a conflict.