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As Ukraine war falters, Russians ask a risky question: Could Putin fall?

When President Vladimir Putin yelled, “We will win!” at a Red Square concert to celebrate his illegal annexation of Ukrainian lands on Friday, he projected the hubris of a man who cannot accept defeat.

Putin has said Russia will not lose in Ukraine. But multiple battlefield defeats and national fury over a botched military mobilization have broken a taboo in Moscow on discussions about what would happen if Putin did lose — not just the war, but his seeming bid to be leader-for-life, according to four members of Russia’s business elite. Kremlin-watchers, in and out of the capital, are asking: Who might come next?

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