Russia Spending an Estimated $900 Million a Day on Ukraine War – Newstrends
Connect with us

International

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

Published

2 years ago

on

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.

READ ALSO:

“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:
Advertisement

International

Israeli airstrike cuts off road linking Lebanon, Syria

Published

20 hours ago

on

October 4, 2024

By

Israeli airstrike cuts off road linking Lebanon, Syria

Lebanon said an Israeli air strike on the Syrian border on Friday cut off the main international road linking the two countries.

Coastal Lebanon shares a border with Israel, with which Hezbollah is at war, and Syria, where tens of thousands of people have taken refuge from the violence engulfing the country.

Israel has said Hezbollah uses the road to bring weapons across the border from Syria, with which it is allied.

READ ALSO:

“The road that leads to the main humanitarian crossing for thousands of Lebanese into Syria is now cut off after an Israeli strike,” Transport Minister Ali Hamieh told AFP.

The official National News Agency also reported the strike, saying that “enemy warplanes hit the Masnaa area”, as the crossing is known, “cutting off the road”.

 

Israeli airstrike cuts off road linking Lebanon, Syria

Continue Reading

International

Hunger protests: Russia accuses US, UK of ruining its relations with Nigeria

Published

20 hours ago

on

October 4, 2024

By

Russian President Vladimir Putin

Hunger protests: Russia accuses US, UK of ruining its relations with Nigeria

The Russian government says the western countries are trying to destroy its relationship with Nigeria by linking the country with the recent hungry protests.

This is contained in a letter from the Russian government to the Nigerian Ministry of Foreign Affairs obtained on Friday.

Yury Paramonov, official Press Secretary of the Russian embassy in Nigeria, released the document.

Recall that during the August 1-10 nationwide protests, some protesters were seen waving Russian flag and chanting slogans, while others held placards with various messages during the protest.

Russia, a global power, was also accused of involvement in political upheavals in several West African countries, including Mali, Burkina Faso and Niger.

This has sparked concerns about external interference in regional affairs.

But Russia claimed that the United States, Britain and Ukraine were linking it with the protests to destroy the cordial relationship between it and Nigeria, advising the Federal Government to ignore the claims.

READ ALSO:

The letter read in part, “In particular, statements by U.S. Secretary of State Antony Blinken, former Director of the British Council in Nigeria David Roberts, and the Ambassador of Ukraine to Nigeria Ivan Kholostenko have shamelessly and baselessly suggested that the use of Russian flags during recent protests is evidence of Russia’s interference and have further warned that this could happen again in the future.”

“The Embassy categorically rejects such accusations and reiterates that the Russian Federation neither had any involvement in the protests that occurred in the recent past, nor does it have any connection to any potential future demonstrations or unrest.

“Russia has always respected the sovereignty of Nigeria. We strictly adhere to the principle of non-interference in the internal affairs of independent states.

“By contrast, the coordinated media campaign by Western and Ukrainian officials and outlets clearly points to their attempts to meddle in Nigeria’s internal affairs and shift the blame for any consequences onto the Russian Federation.

“We greatly value the level of relations between our two countries, support only peaceful dialogue within the legal framework as the proper means to resolve any internal disputes, and once again express our unwavering support for the leadership and the people of Nigeria.”

Yuri said the Embassy had conveyed Russian President Vladimir Putin’s congratulations to President Bola Ahmed Tinubu on the occasion of Nigeria’s National Day.

“The Embassy also extends its best wishes to the people and Government of Nigeria for prosperity and stability, and we hope for continued cooperation and deepening relations between our two countries,” he said.

Hunger protests: Russia accuses US, UK of ruining its relations with Nigeria

Continue Reading

International

Haiti gang attack leaves at least 20 dead

Published

22 hours ago

on

October 4, 2024

By

Haiti gang attack leaves at least 20 dead

At least 20 people including children have been killed after an armed gang attacked a small town in Haiti.

Another 50 were wounded as Gran Grif gang members rampaged through Pont-Sondé in the central Artibonite region about 71km (44 miles) north-west of the capital Port-au-Prince.

Video footage shows groups of people fleeing the violence on motorbikes and on foot. A government prosecutor described the attack as “a massacre”, reported the Associated Press.

Armed gangs have taken control of large parts of Haiti and a UN-backed policing mission, led by officers from Kenya, began in June in an attempt to wrestle back control.

The exact number of dead from the attack is not clear – local media reported that more than 50 had been killed, while a Haitian human rights group put the figure at 20 or more, AP said.

READ ALSO:

Gran Grif is said to be one of the most violent of Haiti’s gangs. In January 2023 its members were accused of attacking a police station near Port-Sondé and killing six officers. It is also blamed for forcing the closure of a hospital serving more than 700,000 people.

The gang has about 100 members and has been accused of crimes including murder, rape, robberies and kidnappings, according to a UN report cited by AP. Both its founder and current leader are subject to US sanctions.

Thursday’s gang rampage comes almost a month after the Haitian authorities expanded a state of emergency to cover the whole of the country.

Prime Minister Garry Conille has vowed to crack down on the gangs, with the UN saying a “robust use of force” is needed.

It has approved the policing mission made up of 2,500 officers from various countries – including 1,000 pledged by Kenya.

Their deployment has been authorised for one year, with a review to be held after nine months.

Haiti gang attack leaves at least 20 dead

Continue Reading

Trending