International

Russia Spending an Estimated $900 Million a Day on Ukraine War

Published

4 years ago

May 7, 2022

Russian President Vladimir Putin

As Russia continues its invasion in Ukraine, the heavy toll taken by Russia’s economy could be felt for years to come.

Russia’s invasion is now in its third month, and sustaining the military offensive requires approximately $900 million a day, Sean Spoonts, editor-in-chief of SOFREP, a media outlet focused on military news, told Newsweek.

Several factors play into that heavy price, according to SOFREP’s estimate. 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. 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.

Those figures don’t take into consideration how much Russia may have lost financially because of the severe economic sanctions imposed on it after launching the invasion in late February. Those sanctions may remain in place even if Russia withdraws its troops, according to the White House.

Many believed Russia would quickly rout Ukraine soon after the invasion, given its military superiority. However, Russia has not had much military success up to this point. Forces have failed to take control of the capital city of Kyiv and struggled in other major cities. Pentagon press secretary John Kirby has pointed out that every move by Russian forces has been met with strong resistance by the Ukrainians.

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“All I can tell you is that the Russians have not made the kind of progress in the Donbas and the south that we believe they wanted to make. We do believe they’re behind schedule,” Kirby said.

Russia’s failures come at a great cost to Russia both financially and in terms of loss of life, although the Kremlin has been hesitant to release numbers about military casualties. A study released two weeks after Putin’s announcement found that direct losses from the war has cost Russia about $7 billion.

The economic sanctions imposed on the country as a result of their invasion has had devastating impacts on the country, likely to be felt by Russian citizens for decades to come, according to a March 14 report from CNBC.

The Russian economy could be set back by as much as 30 years as the Russian ruble has collapsed, according to CNBC’s report, with some believing that Russia’s standard of living could be lowered for the next five years.

The Institute for International Finance, a financial think-tank representing firms in over 70 countries, states that the country’s gross domestic product (GDP) will likely fall by 15 percent this year, according to Business Insider.

Ukraine also dealt a difficult blow to Russia in April with the sinking of the Moskva, a Russian warship and flagship of the navy, and an estimated $750 million loss, according to Forbes Ukraine.

The publication reported in April that Ukraine destroyed more than 5,000 pieces of Russian equipment since the war began, but that the Moskva was by far the most expensive target.

Despite the massive cost of weaponry, Kirby said there is evidence that Russian forces have not been hitting their intended targets with precision-guided missiles. He said a multitude of factors could be responsible, including possible incompetence on behalf of operators.

Meanwhile, there are growing concerns that President Vladimir Putin may use May 9—which is celebrated as Victory Day in the country and marks the defeat of Nazi Germany—to formally declare war on Ukraine. However, Russian officials are denying those reports, with a Kremlin spokesperson saying that “there is no chance of that.”

Ukraine also faces a heavy economic impact due to Russia’s invasion. Ukraine’s President Volodymyr Zelensky said it will require hundreds of billions of dollars in order to repair the damage done to the country’s economy and infrastructure, The Wall Street Journal reported, estimating $600 billion this week.

Newsweek

Related Topics:Russia Spending Ukraine war

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International

Spain Train Crash: Death Toll Hits 68 as Two High-Speed Trains Collide

Published

7 hours ago

October 28, 2026

Trends Admin

Spain Train Crash: Death Toll Hits 68 as Two High-Speed Trains Collide

At least 68 people have been killed and dozens injured after two high-speed trains collided in central Spain, triggering a major rescue operation and the suspension of rail services along one of the country’s busiest routes.

The crash occurred shortly before 9 a.m. on Wednesday, October 28, near Urda in Toledo province, about 130 kilometres south of Madrid. The trains, operated by state-owned Renfe and private railway company Iryo, were travelling towards Seville when the collision occurred.

According to preliminary reports, the Renfe train struck the rear of an Iryo train that had stopped on the tracks. The impact derailed several carriages, some of which plunged down an embankment, leaving twisted metal and wreckage scattered across the crash site.

Authorities said the two trains were carrying approximately 544 passengers, including an infant. Emergency workers, firefighters, police officers and medical teams were deployed to rescue survivors, recover victims and transport injured passengers to nearby hospitals.

Spain’s regional authorities confirmed that at least 68 people had died, while 58 others required hospital treatment. Rescue operations continued as emergency teams searched the wreckage for additional victims.

Spanish Transport Minister Óscar Puente said a signalling-system failure preceded the collision. According to his preliminary account, a communications problem affecting the railway’s traffic-control system caused several trains to stop automatically.

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The control centre subsequently authorised trains to resume their journeys, but the Renfe train was reportedly allowed to continue despite a stop signal remaining active. The minister questioned the decision to restart normal traffic and said investigators were examining the circumstances surrounding the instruction.

He cautioned against assigning responsibility before the investigation established the facts.

Spanish Prime Minister Pedro Sánchez visited the crash site and promised a thorough investigation into the disaster. He said authorities would determine whether negligence or safety-system failures contributed to the collision and take appropriate action if wrongdoing was established.

Sánchez also announced three days of national mourning, from October 29 to 31, in honour of the victims.

The tragedy has renewed concerns about railway safety in Spain, coming just nine months after another deadly collision near Adamuz in Córdoba province killed 46 people. That January disaster also involved trains operated by Renfe and Iryo.

The latest crash has prompted fresh scrutiny of railway infrastructure, signalling procedures and the management of train movements during technical failures.

Rail services between Madrid, Ciudad Real and Andalusia were suspended following the collision, disrupting travel along a major high-speed corridor.

Authorities said investigations would continue to establish the full circumstances of the crash and determine whether additional safety measures were required.

Spain Train Crash: Death Toll Hits 68 as Two High-Speed Trains Collide

International

US Extradites Nigerian Over Alleged $100m Tax Refund Fraud

Published

19 hours ago

October 28, 2026

Trends Admin

US Extradites Nigerian Over Alleged $100m Tax Refund Fraud

The United States has extradited a Nigerian man, Akinade Adedeji Raheem, from the Republic of Benin to face federal charges over an alleged $100 million tax refund fraud scheme involving stolen identities and more than 300 fraudulent tax returns.

Raheem, 43, was arraigned in a federal court in Atlanta, Georgia, on Monday, October 26, 2026, following his extradition to the United States. He was detained in the custody of the US Marshals Service pending further court proceedings.

According to US prosecutors, Raheem allegedly conspired with Abayomi Quadri Eletu and other accomplices between 2018 and 2023 to obtain fraudulent refunds from the Internal Revenue Service (IRS), the US tax authority, by using the identities of American taxpayers and tax professionals.

The alleged scheme involved more than 300 fraudulent tax returns seeking over $100 million in refunds. However, the amount represents the value of the claims allegedly submitted and does not necessarily mean the full sum was paid out.

Investigators alleged that the group obtained confidential personal information, including names, addresses and Social Security numbers, by creating online accounts with the IRS and requesting private taxpayer records.

The suspects allegedly used the stolen information to file false tax returns and direct refund payments to prepaid debit cards under their control. They also allegedly changed taxpayers’ registered addresses and arranged for mail to be forwarded to locations where they could intercept correspondence from the tax authority.

In some cases, prosecutors alleged, members of the group impersonated legitimate taxpayers to verify their identities and facilitate the release of refunds.

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The alleged proceeds were subsequently moved through transactions designed to conceal their origins. Prosecutors said the suspects purchased money orders in amounts intended to avoid reporting thresholds and used them to buy used vehicles through auction platforms. Some of the vehicles were allegedly shipped to Nigeria, while other proceeds were spent on designer clothing and personal items.

US Attorney Theodore S. Hertzberg said the alleged scheme involved hundreds of stolen identities and affected individual taxpayers as well as the US Treasury.

The investigation was conducted by the IRS Criminal Investigation division and the Treasury Inspector General for Tax Administration, with assistance from other American and international law enforcement agencies.

Raheem’s extradition followed an international search. Federal agents reportedly attempted to arrest him at his residence in April 2026 but were unable to take him into custody.

Investigators later discovered that he had booked a flight from Mexico City to Benin. He arrived in Benin on April 15, 2026, and was arrested by local authorities pursuant to an INTERPOL Red Notice, an international request to locate and provisionally arrest a person pending extradition or similar legal proceedings.

Beninese authorities subsequently extradited him to the United States. US prosecutors described the transfer as the second extradition from Benin to the United States.

A federal grand jury in the Northern District of Georgia indicted Raheem on February 24, 2026, on charges including conspiracy to commit mail and wire fraud, conspiracy to commit money laundering, 14 counts of access device fraud and 14 counts of aggravated identity theft.

In plain language, the fraud conspiracy charge alleges that he worked with others to cheat victims through postal services or electronic communications. The money laundering charge alleges that the group agreed to conceal or disguise money believed to have come from criminal activity.

The access device fraud counts concern the alleged illegal use of payment cards or other devices and account details to obtain money or access funds. The aggravated identity theft counts allege the unauthorised use of other people’s identifying information in connection with certain serious crimes.

If convicted, Raheem faces substantial prison terms. The fraud conspiracy and money laundering charges each carry maximum penalties of up to 20 years, while the access device fraud charges carry up to 10 years. Each aggravated identity theft conviction carries a mandatory two-year prison term under applicable federal law, generally imposed consecutively to the sentence for the underlying offence. Actual sentences would depend on the convictions and applicable sentencing rules.

His alleged co-conspirator, Eletu, was separately indicted in the Western District of Texas on February 17, 2026. He was arrested in the United Kingdom, where extradition proceedings remain pending.

The case is being prosecuted by attorneys from the US Attorney’s Office for the Northern District of Georgia and the Justice Department’s Tax Section.

Raheem has not been convicted of the allegations. He is presumed innocent unless and until prosecutors prove his guilt beyond a reasonable doubt in court.

US Extradites Nigerian Over Alleged $100m Tax Refund Fraud

International

Operation Blackout: FBI Arrests Nine in Nigeria, Seizes 53 Devices

Published

2 days ago

October 27, 2026

Trends Admin

Operation Blackout: FBI Arrests Nine in Nigeria, Seizes 53 Devices

The United States Federal Bureau of Investigation (FBI) has arrested nine suspects in Nigeria and seized 53 electronic devices in an international operation targeting cybercrime networks accused of defrauding victims, particularly in the United States.

The operation, code-named Operation Blackout, also led to the identification of approximately $11 million in funds across multiple countries that could potentially be frozen, according to FBI Director Kash Patel.

Patel disclosed the development in a statement published on his official X account on Sunday, October 25, describing the operation as part of efforts to dismantle international criminal networks accused of stealing billions of dollars from unsuspecting victims.

“Operation Blackout is taking the fight directly to the international cybercriminal networks stealing billions from Americans,” Patel said.

He added that the networks operated across national borders, exploiting victims and depriving them of their life savings.

“These scam centres exploit innocent victims, steal life savings, and operate across international borders believing they are beyond the reach of law enforcement. They’re wrong,” the FBI director stated.

Patel commended Nigerian law enforcement agencies and their partners in London for their cooperation, warning that suspects operating from overseas would not escape prosecution simply because they were outside the United States.

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The FBI has not publicly identified the nine suspects arrested in Nigeria or disclosed the specific locations where they were apprehended. Details of the individual allegations against them have also not been made public.

The arrests formed part of a broader international law enforcement campaign targeting online fraud networks operating across West Africa.

According to the US Department of Justice, the coordinated enforcement exercise involved agencies from Nigeria, Ghana, the United States, the United Kingdom and other countries, alongside private-sector technology and financial companies.

The wider operation resulted in 28 arrests, comprising nine in Nigeria and 19 in Ghana. Authorities in Ghana also seized 303 electronic devices, while the Nigerian operation accounted for the 53 devices seized.

Investigators and participating companies additionally helped identify more than 3.7 million fraudulent online accounts, pages and groups, which were subsequently removed or disrupted.

The US Department of Justice said the targeted schemes included law enforcement impersonation scams, digital arrest extortion, cryptocurrency investment fraud, commonly known as “pig butchering”, and other online fraud operations targeting victims across different countries.

The operation also uncovered human trafficking linked to scam activities in Ghana. Authorities there identified 117 people described as victims of trafficking who were awaiting repatriation to Nigeria.

Officials also identified 89 fraud victims in Ghana who suffered estimated losses of approximately $8.3 million, according to the US Justice Department.

The trafficking victims and fraud victims were identified as separate groups in the department’s account of the operation.

Although the FBI director announced that $11 million in potentially freezable funds had been identified across several countries, authorities have not confirmed that the entire amount has been frozen, seized or returned to victims.

The distinction is important because identifying funds that may be frozen does not mean that the money has already been recovered.

The crackdown highlights growing international cooperation against cyber-enabled fraud, with investigators increasingly working with technology companies and financial institutions to identify suspicious accounts, trace funds and disrupt the digital infrastructure used by criminal networks.

Nigeria’s law enforcement agencies have participated in several international investigations involving alleged online fraud. The latest operation adds to efforts to pursue suspects accused of targeting victims across national borders.

The FBI has not disclosed when the nine suspects arrested in Nigeria will appear in court or whether formal charges have been filed against each of them.

The allegations against the suspects remain subject to investigation and due process.