European defense debates increasingly revolve around budget targets, procurement coordination, and the aspiration for “strategic autonomy”. However, these efforts skirt around a far more fundamental issue: the lack of industrial and energy depth necessary to sustain credible military power. War is not only decided by technology and manpower, but also by production.
As Russia’s invasion of Ukraine nears its fourth year, Russia has entered a new phase of permanent mobilization. What began as a military campaign has evolved into a system of governance that merges fiscal, financial, and industrial power under the logic of war. The Kremlin is managing an economy engineered for resilience, discipline, and control.
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