Risk acceptance and offensive war: The case of Russia under the Putin regime

Abstract

Russia’s decision to invade Ukraine in early 2022 was seemingly driven by an unprecedented willingness to accept risks for the Russian regime, state, and society. Developing a generalizable framework, this article analyzes the development of Russian risk acceptance in offensive war initiation. Drawing on policy documents, speeches, expert literature, and various interviews with Russian, Ukrainian, and Western policymakers, the article finds that risk acceptance has continuously risen since the mid-2000s, although the 2022 invasion still evinces some risk aversion. These results are robust when accounting for miscalculation and caution against attributing the 2022 invasion solely to short-term and leader-centric factors. They also provide cues for understanding the crisis behavior of Russia and other major powers, corroborate prospect theory models on cognitive biases in elite decision-making, and indicate the need to revise the theoretical assumption that risk acceptance is an empirically rare and drastic aberration from a risk-neutral or risk-averse normality.