Forced to retreat militarily, Russia opts to cripple Ukraine’s economy

The Ukraine economy is in tatters.

A sign reading 'Dangerous, mines' on the outskirts of a forest near the recaptured village of Tsyrkuny in Kharkiv, on Nov 17. PHOTO: EPA-EFE
Gift this subscriber-only story to your friends and family

Despite the Ukrainian army’s battlefield advances and Russia’s retreats, most recently from parts of Kherson province, Ukraine’s economy has been left in tatters. A prolonged war of attrition – which seems likely – will subject it to additional strain.

For the Kyiv government, the cost of prosecuting the war while also meeting the material needs of its citizens will mount even if the Ukrainian army keeps gaining ground. Worse, winter looms and Russia, frustrated by the serial military failures it has experienced since September, seems bent on crippling Ukraine’s economy by taking the wrecking ball to its critical infrastructure. On Tuesday alone, an estimated 90 Russian missiles rained down across Ukraine.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.