Vladimir Putin has learned to coup-proof his 18-year-old regime without making too many concessions to democratic norms. In a rare address to the nation Wednesday, dedicated to a highly unpopular pension reform, the Russian president offered a master class in the art of political survival.

Plans to increase the retirement age to 63 from 55 for women, and to 65 from 60 for men, were announced in June, when Russia was in the grip of World Cup euphoria. Not that it helped: Putin's ratings, even those published by pro-Kremlin pollsters, dropped sharply. Russia's fragmented opposition was suddenly handed a winning protest agenda, and some prominent members of the ruling United Russia party and regional leaders rebelled.

Having allowed the opposition and rebels time to vent during the holiday season, Putin went on national television on Wednesday to offer a cleverly designed compromise — and, at the same time, to take ownership of an issue he considers important for his policy of ensuring macroeconomic stability and resilience at almost any price.