Even a week ago, the idea of a Russian military intervention in Ukraine seemed farfetched if not totally alarmist. The risks involved were just too enormous for President Vladimir Putin and for the country he has ruled for 14 years. But the arrival of Russian troops in Crimea over the weekend has shown that he is not averse to reckless adventures, even ones that offer little gain. In the coming days and weeks, Putin will have to decide how far he is prepared to take this intervention and how much he is prepared to suffer for it. It is already clear, however, that he cannot emerge as the winner of this conflict, at least not when the damage is weighed against the gains. It will at best be a Pyrrhic victory, and at worst an utter catastrophe. Here’s why:

At home, this intervention looks to be the one of the most unpopular decisions Putin has ever made. The Kremlin’s own pollster released a survey on Monday that showed 73% of Russians reject it. In phrasing its question posed in early February to 1600 respondents across the country, the state-funded sociologists at WCIOM were clearly trying to get as much support for the intervention as possible: “Should Russia react to the overthrow of the legally elected authorities in Ukraine?” they asked. Only 15% said yes – hardly a national consensus.

That seems astounding in light of all the brainwashing Russians have faced on the issue of Ukraine. For weeks, the Kremlin’s effective monopoly on television news has been sounding the alarm over Ukraine. Its revolution, they claimed, is the result of an American alliance with Nazis intended to weaken Russia. And still, nearly three quarters of the population oppose a Russian “reaction” of any kind, let alone a Russian military occupation like they are now watching unfold in Crimea. The 2008 invasion of Georgia had much broader support, because Georgia is not Ukraine. Ukraine is a nation of Slavs with deep cultural and historical ties to Russia. Most Russians have at least some family or friends living in Ukraine, and the idea of a fratricidal war between the two largest Slavic nations in the world evokes a kind of horror that no Kremlin whitewash can calm.

Indeed, Monday’s survey suggests that the influence of Putin’s television channels is breaking down. The blatant misinformation and demagoguery on Russian television coverage of Ukraine seems to have pushed Russians to go online for their information. And as for those who still have no Internet connection, they could simply have picked up the phone and called their panicked friends and relatives in Ukraine.

So what about Russia’s nationalists? The war-drum thumping Liberal Democratic party, a right-wing puppet of the Kremlin, has been screaming for Russia to send in the tanks. On Feb. 28, as troops began appearing on the streets of Crimea, the leader of that party, Vladimir Zhirinovsky, was on the scene handing out wads of cash to a cheering crowd of locals in the city of Sevastopol, home of Russia’s Black Sea fleet. “Give it to the women, the old maids, the pregnant, the lonely, the divorced,” he told the crowd from atop a chair. “Russia is rich. We’ll give everybody everything.” But in Monday’s survey, 82% of his party’s loyalists rejected any such generosity. Even the adherents of the Communist Party, who tend to feel entitled to all of Russia’s former Soviet domains, said with a broad majority – 62% – that Russia should not jump into Ukraine’s internal crisis.

That does not necessarily mean Putin will face an uprising at home. So far, the anti-war protests in Moscow have looked almost pathetically temperate. But sociologists have been saying for years that Putin’s core electorate is dwindling. What underpins his popularity – roughly 60% approved of his rule before this crisis started – is a total lack of viable alternatives to Putin’s rule. But this decision is sure to eat away at the passive mass of his supporters, especially in Russia’s biggest cities.

In Monday’s survey, 30% of respondents from Moscow and St. Petersburg said that Russia could see massive political protests of the kind that overthrew the Ukrainian government last month. Putin’s only means of forestalling that kind of unrest is to crack down hard and early. So on Feb. 28, Russia’s most prominent opposition activist Alexei Navalny was put under house arrest less than six months after he won 30% of the vote in the Moscow mayoral race. Expect more of the same if the opposition to Putin’s intervention starts to find its voice.

The economic impact on Russia is already staggering. When markets opened on Monday morning, investors got their first chance to react to the Russian intervention in Ukraine over the weekend, and as a result, the key Russian stock indexes tanked by more than 10%. That amounts to almost $60 billion in stock value wiped out in the course of a day, more than Russia spent preparing for last month’s Winter Olympic Games in Sochi. The state-controlled natural gas monopoly Gazprom, which accounts for roughly a quarter of Russian tax revenues, lost $15 billion in market value in one day – incidentally the same amount of money Russia promised to the teetering regime in Ukraine in December and then revoked in January as the revolution took hold.

The value of the Russian currency meanwhile dropped against the dollar to its lowest point on record, and the Russian central bank spent $10 billion on the foreign exchange markets trying to prop it up. “This has to fundamentally change the way investors and ratings agencies view Russia,” said Timothy Ash, head of emerging market research at Standard Bank. At a time when Russia’s economic growth was already stagnating, “This latest military adventure will increase capital flight, weaken Russian asset prices, slow investment and economic activity and growth. Western financial sanctions on Russia will hurt further,” Ash told the Wall Street Journal.

Even Russia’s closest allies want no part of this. The oil-rich state of Kazakhstan, the most important member of every regional alliance Russia has going in the former Soviet space, put out a damning statement on Monday, marking the first time its leaders have ever turned against Russia on such a major strategic issue: “Kazakhstan expresses deep concern over the developments in Ukraine,” the Foreign Ministry said. “Kazakhstan calls on all sides to stop the use of force in the resolution of this situation.”

What likely worries Russia’s neighbors most is the statement the Kremlin made on March 2, after Putin spoke on the phone with U.N. Secretary General Ban Ki-moon. “Vladimir Putin noted that in case of any escalation of violence against the Russian-speaking population of the eastern regions of Ukraine and Crimea, Russia would not be able to stay away and would resort to whatever measures are necessary in compliance with international law.” This sets a horrifying precedent for all of Russia’s neighbors.
Read more: How Putin’s Ukraine Invasion Is a Disaster for Russia | TIME.com http://world.time.com/2014/03/03/putin-ukraine-crimea-russia/#ixzz2uwqz2J9O