Beware, Vladimir Putin: Spring is coming. And when it does, you’ll lose much of whatever leverage you had left.

Before Putin invaded Ukraine, I might have described the Russian Federation as a medium-size power punching above its weight in part by exploiting Western divisions and corruption, in part by maintaining a powerful military. Since then, however, two things have become clear. First, Putin has delusions of grandeur. Second, Russia is even weaker than most people, me included, seem to have realised.