Failed Mutiny Likely to Weaken Russia’s Military Over Coming Months

Over the weekend, Yevgeny Prigozhin, leader of the Wagner Group, a group of Russian mercenaries fighting alongside the Russian military in Ukraine, attempted to oust the leader of the Russian military. However, the mutiny stopped suddenly on Saturday following a private deal between Prigozhin and Putin. The mutiny represents a direct challenge to Putin’s rule that could force him to prioritize consolidating domestic control. We outline four potential implications of the weekend’s events in the market alert attached.