Winning the war in Ukraine is about more than just numbers
By Natasha Udensiva
Published on April 19, 2026.
The article discusses the increasing costs of the war against Ukraine and suggests that Russia has strong economic reasons to stop its aggression. Despite the recent increase in the global oil price, Russia's oil export capacity has been severely affected by Ukrainian drone attacks. The Russian and Ukrainian economies are under severe duress, with public sector salaries, pensions, health and education suffering sharply. The article suggests that while Russia's debt-to-GDP ratio is relatively low at about 25 percent, borrowing on international capital markets is virtually impossible due to sanctions. Taxes on business and the general public have increased, and further steps may be taken to print money, incurring inflation, or freeze citizens' personal bank accounts. The author also notes that the Ukrainian economy is largely supported by European aid, but how long Europe will continue to aid Russia is required.
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