In short, after years in absolute power, Putin has gone insane and now pictures himself as omnipotent. However, he is supported by people around him who have made billions of dollars by kleptomania. To secure and to spend this money they have had to launder it using financial services worldwide. If they see their fortunes waning they get a powerfully motivating signal that they are backing the wrong horse in the race. Nothing is more feared by the wealthy than the specter of going broke, it is so terrifying that they often will commit suicide rather than face the music of poverty and submit to subjugation.
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