But this success for Kiev is not the only issue for Moscow. Within its own ranks, Vladimir Putin is facing growing defiance. Several elected officials from St. Petersburg and Moscow have officially filed a request to the Duma (the local parliament) for the impeachment of the President, whom they accuse of high treason for having started a war with his neighbor. Even on the side of the pro-war supporters of the Tsar, some are annoyed by the lack of frank success of the Soviet army in this conflict, which began more than 200 days ago.

But that's not all. The conflict is also played on social networks. Videos of Russian soldiers stealing bicycles in the Ukrainian countryside to flee have been circulating, as well as images of Ukrainian flags flying again at the top of recaptured cities, and of the large quantity of Russian military equipment abandoned on the spot or destroyed by soldiers. There are also recordings of Russian soldiers calling their families and describing the disastrous state of small equipment, and the need for fuel and food. The lack of training of Kremlin soldiers and the poor quality of the equipment of the Soviet army is begin to become more visible.

The latest admission of weakness: the replacement of Russian tanks. The country has lost a thousand new generation tanks in combat since February. Lacking equipment, Russia has pulled out of its warehouses old T-62s, tanks designed in the early 1960s. The country also struggles to repair its more modern equipment due to a lack of parts.

Let's not underestimate Moscow, no one knows how this conflict will end, but Russia's reputation as one of the fiercest armies in the world has certainly taken a hit.

Drawing by Amandine Victor for MarketScreener