Russia’s invasion is now in its third month, and sustaining the military offensive requires approximately $900 million a day, President Vladimir Putin claims.
According to President Putin, as Russia continues its invasion of Ukraine, the heavy toll taken by Russia’s economy could be felt for years to come.
“Several factors play into that heavy price. That includes paying the Russian soldiers who are fighting in Ukraine; providing them with munitions, bullets, and rockets; and the cost to repair lost or damaged military equipment,” Putin added.
Russia also must pay for the thousands of critical weapons and cruise missiles that have been fired during the war, which run about $1.5 million apiece, according to Spoonts.
These calculations do not account for how much money Russia may have lost as a result of the harsh economic sanctions imposed on it after the invasion began in late February.
According to the White House, sanctions may continue in place even if Russia withdraws its soldiers.
Given its military strength, many assumed Russia would rapidly overrun Ukraine after the invasion. Russia, on the other hand, has had little military success to date. Forces have battled to take control of Kyiv, Ukraine’s capital, and other key cities.
Every move by Russian soldiers has been met with stiff resistance by Ukrainian forces, according to Pentagon press secretary John Kirby.
“All I can say is that the Russians have not made the gains in the Donbas and in the south that we believe they desired. We believe they are running late “Kirby explained.
Russia’s failures have come at a high cost to the country, both financially and in terms of lives lost, though the Kremlin has remained tight-lipped regarding military deaths.
According to a study issued two weeks after Putin’s announcement, the conflict has cost Russia $7 billion indirect costs.
According to CNBC, the collapse of the Russian ruble might set back the Russian economy by up to 30 years, with some speculating that Russia’s standard of living could be lowered for the next five years.
According to Business Insider, the Institute for International Finance, a financial think-tank that represents corporations from over 70 countries, the country’s gross domestic product (GDP) will likely shrink by 15% this year.
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