A comparative assessment of the Russian and Ukrainian wartime economies underlines that Russia’s ongoing invasion has imposed far greater costs on Ukraine by depleting its manpower, worsening its demographics, and straining the country’s financial resources. Sustained support for the Ukrainian economy is therefore crucial as Europe and the United States seek to push Putin toward the negotiating table.
American and European security interests remain closely tied to Ukraine’s survival as an independent, democratic state anchored within the Euro-Atlantic community. This will require a combination of economic and military support for Ukraine along with tougher Western sanctions on Russia.
Western sanctions and military assistance to Ukraine have undoubtedly inflicted significant damage on the Russian economy, leading to an outflow of skilled labor, deepening technological isolation, growing Russian dependence on China, and other negative trends. However, Russia’s far larger population, considerable economic resources, and vast fossil fuel reserves have allowed the Kremlin to keep the war going.
While recent US sanctions on two Russian energy giants mark an important step forward in efforts to pressure Putin, their immediate impact is limited as China and India are unlikely to stop buying Russian oil. Moreover, sanctions alone will not force Putin to abandon an invasion that he regards as central to his entire reign.
The coming fourth winter of the war will arguably be Ukraine’s most arduous since the full-scale invasion began in February 2022. Ukraine faces a constant barrage of Russian missiles and drones, along with a persistently worsening economic outlook and acute manpower crisis on the front lines. Russian President Vladimir Putin is confident that he can wear down Ukrainian military and civilian resistance, and is also counting on Western support to dwindle.
The war is now as much a test of economic endurance as it is a military struggle. The United States and Europe should be under no illusions that Putin is unlikely to compromise on Ukraine unless he is forced to accept that continuing the war will be prohibitively costly.
The Kremlin dictator’s intransigence was underscored by a recent US intelligence assessment stating that he is more determined than ever to prevail. This makes it even more important to underline the West’s own unwavering determination to continue supporting Ukraine economically as well as militarily.
Voice of Ukraine 