• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

3

The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

3

The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
PoliticsRussia

Putin is desperately trying to reverse Russia’s population crisis and sees Ukraine as a solution, experts say

Jason Ma
By
Jason Ma
Jason Ma
Weekend Editor
Down Arrow Button Icon
Jason Ma
By
Jason Ma
Jason Ma
Weekend Editor
Down Arrow Button Icon
December 15, 2024, 5:48 PM ET
Vladimir Putin poses with the children of Russian officers in Moscow on Nov. 4.
Vladimir Putin poses with the children of Russian officers in Moscow on Nov. 4.Contributor—Getty Images

Numerous factors have been floated to explain Russia’s full-scale invasion of Ukraine in 2022, including NATO’s expansion in Eastern Europe and a desire to restore Soviet-era might.

Recommended Video

But Ivan Krastev, chair of the Center for Liberal Strategies in Bulgaria, and Stephen Holmes, a law professor at New York University, argue President Vladimir Putin’s obsession with Russia’s demographic decline may be the key.

In an analysis in Foreign Policy magazine on Dec. 6, they drew a parallel with “mourning wars” during the 17th and 18th centuries, when Native American tribes kidnapped women and children from other tribes to offset losses from wars or disease.

“In many ways, it resembles an updated version of such a war, a desperate attempt to replenish a dwindling population by forcibly incorporating a neighboring people into Russia’s own,” Krastev and Holmes wrote. “While the invasion was undoubtedly sparked by imperialist ambitions, anti-Western resentment, and a desire for Great Power recognition, it may also have been conditioned by Russia’s rapidly shrinking, aging, and emigrating population.”

(For his part, Putin has made false claims of a “neo-Nazi regime” in Ukraine, which is led by a Jewish president, as his reason for invading.)

Russia has been tending toward a demographic crisis for years, prompting the Kremlin to try boosting fertility by offering tax breaks and expanding childcare for low-income families. 

But that hasn’t prevented the birth rate from hitting its lowest level in the past 25 years. Combined with recent war casualties and a related exodus of young people, the population is falling at an alarming rate.

It currently sits at about 146 million, down from 148 million in the early 1990s, and the United Nations has predicted it could collapse to 74 million to 112 million by 2100.

This has been top of mind for Putin, even before he launched his war on Ukraine. In a 2021 speech to Russian schoolchildren, he preached the necessity of growing the population, which he views as more critical to national security than landmass.

“Putin understands that, in the world of tomorrow, Russia will be a territorial giant and population dwarf,” Krastev and Holmes said. 

Tellingly, Russia’s war on Ukraine has involved the mass abduction of children, who are adopted by Russian parents, they point out.

After failing to boost Russia’s fertility rate via pronatalist policies and to extend life expectancies, Putin “seems to have concluded that the only way to achieve a sizable increase in his population is by annexing and subordinating ethnically and culturally related neighbors, by force if necessary.”

Putin also sees a larger population as necessary to exploit the natural resources in the Arctic that are becoming more accessible from climate change, Krastev and Holmes added.

Meanwhile, he views Western feminism and LGBTQ-friendly policies as the causes of Russia’s shrinking population and as part of a conspiracy to make the country childless, they explained.

To be sure, other countries, especially in the developed world, are experiencing low birth rates and slower population growth or outright declines. In Japan, for example, Tokyo’s municipal government is turning to a four-day workweek and partial childcare leave to encourage people to have more babies.

And as bad as Russia’s demographic trends look, Ukraine is in even worse shape, potentially influencing how and when Kyiv might approach an end to the fighting, according to Krastev and Holmes.

But even when the war ends, it could be followed by similar conflicts elsewhere.

“The population loss experienced by historically dominant groups seems to be preparing the way for an upheaval of end-times aggression, inflamed by a primal fear of national extinction,” they warned.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
Jason Ma
By Jason MaWeekend Editor

Jason Ma is the weekend editor at Fortune, where he covers markets, the economy, finance, and housing.

See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

whitmer
MPWElections
Gretchen Whitmer said she wasn’t running for president. That lasted until lunch
By Joey Cappelletti and The Associated PressMay 29, 2026
2 hours ago
dewine
North AmericaData centers
Ohio calls time on data-center tax break after cost balloons to $1.5 billion, 11x the initial estimate
By Marc Levy and The Associated PressMay 29, 2026
2 hours ago
Los Angeles Mayor Karen Bass seeks reelection following term mired with wildfire and homelessness: ‘I haven’t always got it right’
North AmericaLos Angeles
Los Angeles Mayor Karen Bass seeks reelection following term mired with wildfire and homelessness: ‘I haven’t always got it right’
By The Associated Press and MIchael R. BloodMay 29, 2026
2 hours ago
Trump may be a lame duck even before the midterms—he primaried all the senators whose votes he needs
PoliticsRepublican Party
Trump may be a lame duck even before the midterms—he primaried all the senators whose votes he needs
By Kevin Freking and The Associated PressMay 29, 2026
3 hours ago
‘Boy, what a team,’ says Trump as Queens native scores an invite to see the New York Knicks in the NBA finals
Arts & EntertainmentDonald Trump
‘Boy, what a team,’ says Trump as Queens native scores an invite to see the New York Knicks in the NBA finals
By Catherina GioinoMay 29, 2026
3 hours ago
jill
MPWElections
Jill Biden on that debate performance: ‘Is he short-circuiting? Is this a stroke?’
By Darlene Superville and The Associated PressMay 29, 2026
3 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
8 days ago
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
2 days ago
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
Environment
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
By Dorany Pineda, Brittany Peterson and The Associated PressMay 27, 2026
2 days ago
Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
Banking
Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
By Nick LichtenbergMay 27, 2026
2 days ago
Current price of oil as of May 28, 2026
Personal Finance
Current price of oil as of May 28, 2026
By Joseph HostetlerMay 28, 2026
1 day ago
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
Success
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
By Emma BurleighMay 28, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.