According to estimates by the economic consulting firm Civitta, Russia's war of aggression against Ukraine cost the country seven billion dollars (6.4 billion euros) in the first four days alone. The consultants put the loss in gross national product due to war deaths at $2.7 billion, which is said to be a “very conservative estimate.” “The total daily cost of the war for Russia, given logistics, personnel, missile launches and so on, is likely to exceed $20 billion to $25 billion,” it continued.
High losses due to sanctions
As a result of sanctions pressure, Russia's financial sector has suffered irreparable losses, analysts said. Russian companies are rapidly losing market capitalization. New restrictions on trading in government bonds and the freezing of central bank assets made it more difficult to maintain macroeconomic stability and service government debt. Things could get even worse for Russia if all banks were excluded from the SWIFT system and Russian companies were excluded from the capital markets.
Trade restrictions have already had a significant impact on Russia's economy. The import ban on high-tech products will destroy value chains and weaken Russian competitiveness. “The world should be more aggressive here,” demand the consultants. They raise the possibility of logistical restrictions, such as the closure of ports and airports to Russian ships and aircraft, as well as comprehensive oil and gas embargoes. “That would be a logical next step.” Such an embargo alone could cost the country up to $142.8 billion in lost revenue.
“Russia is already a ‘pariah state’”
After all, ordinary Russian citizens would also suffer. Due to the collapse of the ruble, real incomes have already fallen by more than double. With the freezing of central bank assets, Russia will likely experience the biggest crisis in its history.
“Russia is already a pariah state – limited air service, no sporting events, flags and anthems banned at several events, foreign companies voluntarily cutting ties with Russia, and so on.”
Source: pte
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