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Russia Might Be Going Broke Over Ukraine War
When commentators talk about whether the Russians or the Ukrainians are winning the war between their two countries, much attention is paid to the Russians gaining territory, even though Russia was only able to gain about 0.7 percent of Ukraine’s territory in the entire year of 2024, at an estimated cost of 420,000 Russian soldiers killed, wounded or captured. But less attention has been paid to the engines of war, the economy. At first, it seemed that economic sanctions placed on Russia by the United States, Europe and Japan were not having much impact on Russia’s economy. In more recent times, however, Russia’s economy does seem to be having difficulties.
Here is the Financial Times with an article on this topic.