Russia’s war against Ukraine has already resulted in economic losses for the Kremlin of approximately $2.5 trillion. According to Defense News columnists David Henderson and Ryan Sullivan, most of the costs are borne by Russian citizens rather than by Putin himself.
Source: Gazeta.UA
According to the Center for Strategic and International Studies (CSIS, January 2026), about 325,000 Russians have been killed in the conflict, while another 875,000 have been wounded or are missing. By comparison, around 15,000 soldiers were killed during the 10-year Soviet war in Afghanistan.
Economic losses are calculated based on the value of a statistical life (VSL) — approximately $2.6 million per fatality, which amounts to $845 billion for 325,000 deaths, while losses from injuries are estimated at $236 billion. Direct military costs include equipment losses: 12,000 tanks, 24,000 armored fighting vehicles, and 400 aircraft — about $125 billion. Operational expenses amount to $3.1 billion per month over four years, totaling another $149 billion.
In addition, Russia’s economy has been worsened by international sanctions, the emigration of 650,000 citizens, and the freezing of $340 billion in assets. Annual inflation has reached 9.5%, interest rates have risen to 20%, and GDP losses are estimated at $1.124 trillion.
Russia’s total losses exceed the country’s annual GDP ($2.2 trillion). According to the Institute for the Study of War, Russia has occupied 72,519 square kilometers of Ukrainian territory, which has cost approximately $90 million per square kilometer in material and human losses.
Analysts emphasize that the main burden of the war falls on the population due to mobilization and a decline in living standards, rather than on the Kremlin leadership.
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