The entire world is being subjugated. Each region is being treated differently, but each is bankrupted to make way for the new regime. The West is bankrupted morally and culturally (and racially), with the most important event being the collapse of Catholicism. The Middle East is being dealt with by traditional military conquest. Other parts of the world were already cleaned up, but the mot difficult areas that remain are China and Russia. Their cultures remain intact, their economies independent, their militaries are strong, but there remains little left in the world to do other than to confront them. This will be the final conquest, and the ultimate aim is to render the world a place in ruins with a desperate and grateful-to-be-alive gentile populace ready to serve in eternal slavery to those who started all of this mess.
Putin knows this full well.