Mark Galeotti is one of the world’s foremost experts on Russia, an honorary professor at University College London, director of Mayak Intelligence, and author of more than 30 books on Russian history, intelligence, and organized crime. His latest work, Forged in War, explores the military history of Russia from its origins to the present day.

In this episode, Galeotti explains why Vladimir Putin’s recent Victory Day parade revealed not strength—but vulnerability. He breaks down the growing strain inside Russia, from economic pressure and Ukrainian drone strikes to elite infighting and declining public trust in Putin’s leadership.

The conversation also explores Putin’s worldview, the Soviet legacy that shaped him, and why Galeotti believes Russia is entering a generational transition. He examines the growing divide between Putin’s aging inner circle and younger elites preparing for a post-Putin future, while offering insight into what Russia could look like in the decades ahead.

Throughout the discussion, Galeotti argues that the war in Ukraine has fundamentally reshaped Russia politically, economically, and psychologically—and that even if the fighting stopped tomorrow, the consequences will last for generations.

00:00 Intro — What Putin’s Victory Day Parade Revealed
01:11 Why the Parade Signaled Weakness
05:21 Russians Are Starting to Feel the War
07:56 Does Putin Think the War Is Ending?
12:37 Why Putin Can’t Walk Away From Ukraine
17:03 How History Will Remember Putin
19:14 Is Putin Becoming Russia’s Brezhnev?
22:34 The Quiet Succession Debate Inside Russia
25:30 Ukraine’s Attacks on Russia’s Economy
30:14 How the Soviet Union Still Shapes Putin
35:33 What a Post-Putin Russia Could Look Like
40:14 Organized Crime, Russia, and Final Thoughts

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