While the space race did have a number of benefits including exploration and scientific development, it was fundamentally a political stunt. It was about showing off Soviet and American technological superiority at the height of the Cold War’s battle of ideology (Communism vs Capitalist Democracy).
Once the Americans succeeded the Soviets didn’t see the point in continuing because it was too expensive to continue the program. The Soviet Lunar program had faced a variety of technological challenges that they had yet to resolve, so continuing to spend gratuitous amounts of money on the program just to prove they could do it was seen as a wasted effort.
Going to the moon is super expensive! And the Russian’s never got their rocket to work
The US used the Saturn V rocket to be able to send the Apollo astronauts to the moon, and the US was diverting around 2% of their budget into NASA for several years to pull that off (4% from 64-66!)
The Russian N1 rocket started development later, didn’t have the same budget as the Saturn V, had its lead designer Sergei Korolev die during the process, and had a fundamental plumbing issue that kept it from successfully launching (though it did become the 9th largest accidental non-nuclear explosion! Whoops!)
Basically, going to the moon is stupid expensive and attempting to match the USA cost the USSR a ton of money that it desperately needed to divert back into programs at home. They did land several probes on Venus and Mars providing some of the only images we have from Venus, and their Soyuz spacecraft has remained important and is in use to this day ferrying people to/from the ISS.
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