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15 July 2026

Ukraine: Putin's Waterloo, China's Opportunity—and Finland's Headache

Putin's three-day "special military operation" has left Russians in dire straits. For example, motorists can obtain fuel only after waiting in long queues, as Ukrainian strikes on the country's oil refineries have significantly reduced Russia's refining capacity. In addition, the war has exacted a staggering human toll in the form of dead and wounded soldiers—leading to speculation that Putin may even be considering a new round of mobilization.

Yet these may not be the most significant consequences of the "special military operation." According to an article published by the Wall Street Journal, China is seeking to turn Russia into something of a vassal state. This would mean a situation in which Russia becomes dependent on China, more closely integrated with it, and increasingly looks to China as a model and a source of modern thinking.

According to the article, the Chinese have therefore been cultivating contacts with Russians whom they believe could rise to positions of influence after Putin. At the same time, they have been slow to accommodate Putin's wishes and have, for example, demanded that any agreement to build the long-discussed gas pipeline from Siberia to China include provisions allowing them to purchase Russian gas at Russia's much lower domestic prices rather than at international market rates.

When one also considers the halt in Russia's military advance—and, in some areas, even its retreat—Ukraine is increasingly emerging as Putin's Waterloo. And China is unlikely to have any qualms about exploiting the situation to the fullest.

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If, as now seems increasingly possible, Russia ends up becoming a Chinese vassal state as a consequence of its war, Finland should finally begin asking what this would mean for Russia's northwestern neighbor. Would growing Chinese influence increase or reduce the security threat that Moscow poses to Finland?

It is, of course, clear that once peace returns, trade across the eastern border is likely to become easier again. But will it resemble the trade that existed before the "special military operation"? Or will it acquire a distinctly Chinese dimension? And if so, would that be beneficial or detrimental to Finland?

I have not noticed experts, civil servants, or politicians giving these questions the attention they deserve. I therefore urge them to do so without delay, so that we can make the most of the opportunities that may emerge while avoiding the pitfalls that lie ahead.

After all, politics is ultimately the art of the possible, where successful anticipation is already half the battle. This has always been especially true of Finland's policy toward its eastern neighbor.

Previous thoughts on the same topic:
Putin's Endgame: Deception, Escalation, or Death?
Putin's Growing Crisis in Ukraine and an Uncertain Endgame for Russia
The Taiwan Question: A Conflict That Could Turn Nuclear