New Telegraph

Ukraine War Damaging Russian Economy – U.S

The conflict in Ukraine is significantly impacting Russia’s economy, raising domestic prices, and forcing Moscow to devote a third of its budget to defence.

Russia’s economy would have expanded by over 5% if Putin had not launched the war in Ukraine.

Moscow was spending more than $100 billion, or almost a third of its total expenditures on defence in 2023, according to the FT report.

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The backbone of Russia’s economy oil and gas revenue took a hit this year, although there had been a slight recovery in recent months as oil prices increased.

Additionally, Western sanctions on Russia’s oil trade have not had as great an impact as initially predicted.

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