Russia’s once-dominant gas supply to Europe via Ukraine, which flowed for decades, is set to end on New Year’s Day with the collapse of a contract between the two warring countries that paid out billions to Moscow in gas revenue and to Kyiv in transit fees.

Vladimir Putin might have lost a slice of revenue after Kyiv closed its gas pipeline to Russian supplies, but Moscow already has alternatives for shipping the fuel that stand to shield it from any serious economic hit.

Russia’s defence ministry may believe its forces are “defeating” Ukraine’s counter-offensive in the Kursk region, but Vladimir Putin clearly doesn’t.