Putin splurged eye-watering £23bn on waging Ukraine war in just months as economy battered

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Vladimir Putin has ploughed almost more than £23billion into his war on Ukraine in nine months, a new report has shown. And shrining oil revenues will tighten the financial noose around the Russian President in the months to come, Forbes Ukraine said.

The analysis, published yesterday, suggested Putin has blown £23billion – a quarter of the Russian Government’s annual budget – on the conflict since the invasion of February 24.

It explained: “This estimate includes the direct costs that are necessary to support military operations.

“But it does not include stable defence spending, or losses related to the economy.

“In 2021, all budget revenues of Russia amounted to $340bn (£281bn). That is, the Russian Federation has already spent a quarter of last year’s revenues on military operations.”

“In the spring, such expenditure had looked “quite acceptable” given was received about £830million ($1billion) a day for oil and gas. Now the situation is different.

“The revenues of the federal budget of the Russian Federation from the export of oil and gas are decreasing – Russia has already lost most of the European gas market after the Nord Stream supply was cut off. Sanctions on Russian oil will begin in December.”

Russia is officially in recession after preliminary data published by federal statistics service Rosstat confirmed its GDP fell by 4 per cent year-on-year in the three months to October.

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