Russian billionaires fear ‘catastrophe is looming’ as tide turns against Vladimir Putin

Putin is said to be in the “most challenging period” of his nearly 30 years in power amid claims he has become increasingly isolated and paranoid as the war continues

Vladimir Putin is said to be facing mounting discord at home as Russian elites sense “some kind of catastrophe” approaching. As Russia’s so-called “special military operation” in Ukraine continues into its fifth year, Putin is reportedly experiencing the “most challenging period” of his nearly 30-year rule amid claims he is becoming isolated and paranoid as the conflict persists.

A business leader described as “well-connected” told The Guardian: “There’s definitely been a shift in mood among the elites this year…there is profound disappointment in Putin”, noting that there was a “growing sense that some kind of catastrophe is looming”.

It comes after claims that the dictator could be toppled in a 1960s-style Palace coup, after weeks of reportedly hiding in bunkers.

“No one believes everything will suddenly collapse tomorrow,” they added. But there is a growing realisation that utterly senseless, self-destructive decisions keep being made. People who once defended Putin no longer do. Any sense of a future has disappeared.”

It follows recent comments by Putin, suggesting that the conflict in Ukraine might soon reach its conclusion. Speaking after a more scaled-back military parade for Victory Day earlier this month, he declared: “I think that the matter is coming to an end.”

Understandably, such words set headlines alight, but they reportedly indicate no sign of capitulation or compromise. Instead, it’s said that Putin feels that a battlefield breakthrough could well be on the horizon.

Two insiders have also been cited as saying that Putin remains “fixated” on the eastern Donbas region – where the Luhansk oblast is almost entirely under Russian control – and won’t back down until he accomplishes this goal.

But the embattled Russian leader is being fed “fabricated reports” of looming success, as a Ukrainian intelligence official puts it. Meanwhile, analysts have also claimed that any such victory is still years off.

One source described as close to Putin has suggested that he has “lost faith” in Trump’s ability to bring Ukraine to heel and make it yield territory in a deal to end the conflict.

Meanwhile, US leverage over Ukraine also seems to be diminishing, with the nation recently securing a €90bn EU loan and bolstering ties with Europe in terms of military and intelligence cooperation.

Just yesterday, there were reports that Russia deployed a hypersonic Oreshnik ballistic missile in a large-scale assault on the Ukrainian capital Kyiv, along with drones, killing at least two people.

Ukrainian President Volodymyr Zelenskyy asserts that it’s the third time that Russia has used the intermediate-range ballistic missile, which is capable of carrying nuclear warheads, in the brutal conflict.

At least 83 people were wounded in the barrage, which the country’s air force claims involved 600 strike drones and 90 missiles.