Recent estimates suggest that Russia’s total equipment losses in the ongoing conflict in Ukraine have soared to a staggering £43 billion.
With no apparent end in sight to the protracted war and ominous signs of a potential summer offensive looming on the horizon, the potential for more Russian losses is only increasing.
According to calculations by Minfin.com.ua, a Ukrainian finance portal, Russia has incurred approximately £43.38 billion in equipment losses over the course of more than 25 months of relentless warfare in Ukraine.
These figures, based on data released by Ukraine’s military and assessments of equipment costs by Forbes Ukraine, offer a glimpse into the significant financial toll exacted upon Vladimir Putin’s forces since the war broke out.
The estimated losses encompass a broad spectrum of Russian military assets, including armoured vehicles, air defence systems, tanks, and expenses associated with cruise missiles from Moscow’s arsenal.
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If these estimates hold true, they would represent a staggering blow, accounting for nearly half of Russia’s 2024 defence budget, which stands at 10.78 trillion rubles (£91.85 billion).
Russia has been forced to increase defence spending since February 2022, allocating roughly one-third of its budget to military endeavours.
The invasion of Ukraine has caused numerous other nations, particularly those aligned with Ukraine, to bolster their own defence spending and strategies.
European nations, in particular, have begun thoroughly reevaluating their defence industries, while Sweden and Finland have opted to join NATO after remaining neutral for decades.
The most substantial costs, according to the estimates, pertain to Russia’s tank fleet, with losses nearing £9 billion as of the latest calculations.
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Russia’s tank losses were particularly bad in the initial stages of the invasion, believed to be because of by organisational and strategic missteps in Russia’s armoured offensives.
Despite changing tactics, years of warfare have taken a heavy toll on Russia’s tank inventory, with estimates suggesting losses surpassing 3,000 tanks according to the International Institute for Strategic Studies. Ukrainian military sources claim the number to exceed 7,000.
Despite this, Russia has managed to replenish its tank stocks by increasing domestic production since February 2022, while stored tanks and repurposed vehicles are also now being used.
