Putin has turned the exits of major Western companies into a windfall for Russia’s loyal elite and the state itself. He has forced companies wishing to sell to do so at fire-sale prices. He has limited sales to buyers anointed by Moscow. Sometimes he has seized firms outright.

Putin has turned an expected misfortune into an enrichment scheme.

Western companies that have announced departures have declared more than $103 billion in losses since the start of the war, according to a Times analysis of financial reports. Mr. Putin has squeezed companies for as much of that wealth as possible by dictating the terms of their departure.

"I am convinced that most of the European Union is deliberately living the war in Ukraine as a big lie. In fact, Ukraine is only being used for geopolitical purposes to weaken Russia economically and internationally, and this serves as a golden calf for the arms companies of the merchants of death.

In the name of these geopolitical goals, I fear the West will fight with Russia until the last Ukrainian soldier. And we are not far from this goal. Of course, no one openly admits to these immoral goals."