The economic dimension of war
Cost of the war for Russia
≈ $1.175T
The estimated value of resources Russia has spent, lost or effectively lost access to because of its war against Ukraine since 24 February 2022.
The components have different economic meanings. This is the combined scale of resources spent, lost or immobilised, not an accounting estimate of Russia’s losses.
Current military spending rate≈ $5,500 / sec
Estimated cost so far — and still rising≈ $1.175T
What makes up the total
rounded estimate
≈ $675B
Military and related government spending
A conservative minimum covering direct federal spending and part of the war-related spending by regions.
≈ $199.6B
Lost oil revenues
Estimated export revenue losses from March 2022 through June 2026 compared with a no-war scenario.
≈ $300B
Immobilised sovereign reserves
Russian central bank resources immobilised in partner jurisdictions. They are inaccessible, but are not described as permanently lost.
The war is costing Russia right now
at the 2026 budget pace
1 second≈ $5.5K
1 minute≈ $330K
1 hour≈ $19.8M
1 day≈ $475M
1 week≈ $3.3B
30 days≈ $14B
How military spending expanded
trillion roubles; 2022 from 24 Feb, 2026 through 28 Aug
Total since 24 Feb 2022≈ 55,9 T RUB
How much is $1.175 trillion?
≈ $8 000per resident of Russia
≈ $24 000for a notional family of three
And that is not all
- much of the destroyed military equipment
- full damage to refineries, plants, depots and logistics
- production losses caused by long-range strikes
- the long-term loss of the European gas market
- the outflow of capital, investment and technology
- demographic damage and loss of human capital
- future payments to troops, veterans and bereaved families
- other indirect losses to the civilian economy
$1.175 trillion is not a maximum estimate. It is what can already be calculated conservatively.
How we calculate it
The total combines three different types of resources: government funds already spent, estimated lost oil revenues and immobilised reserves. We do not add the budget deficit or reductions in the National Wealth Fund because that would risk double counting. Figures are rounded and may be revised as new publications appear.
Long-range strikes are another part of this cost
Strike statistics →See the confirmed minimum number of strikes on Russian military and industrial infrastructure.