Prior to Russia’s invasion of Ukraine in late February, the prevailing view in Washington was that Russian President Vladimir Putin had become a master of the geopolitical game. He had a well-armed and capable war machine and had managed to extend Moscow’s influence well beyond Russia’s near abroad into Africa, Latin America, and the Middle East. Yet although Putin has not lived up to this hype given his disastrous late-February blitz, the pendulum has swung too far in the other direction.