The war in Ukraine began on February 24, 2022, when Russia recognized the independence of Donetsk and the People’s Republic of Luhansk.
President Vladimir Putin launched a military operation that he called a “special operation,” citing Western disregard for Moscow’s security concerns.
War has a serious impact on the global economy, particularly raising energy prices and putting a burden on military budgets around the world.
From February 2022 to mid-2024, international aid to Ukraine reached approximately $330 billion with significant military support from the US and European countries.
We are currently meeting with our Russian representatives in Saudi Arabia and negotiations are underway to resolve the crisis.
The economic sacrifice of Ukraine is significant, with the Russian army occupying about 18% of its territory, particularly in major industrial areas.
The occupation has resulted in a significant reduction in GDP due to losses in critical infrastructure, including coal and Zaporidia nuclear power plants.
Economic forecasts suggest that Ukraine’s GDP growth is dependent on a halt of hostility.
Furthermore, the war caused widespread migration, draining active labor and reducing productivity.
The destruction of transportation infrastructure and the sealing of seaports have further hindered exports, negatively affecting foreign exchange revenues and trade balances.
Ukrainian Defense Minister Rustem Umerov recently said, “We have spent over $150 billion on the budget and support of our partners. We need more funds to increase our capabilities and attract investment.”
Ukrainian Prime Minister Dennis Schmichal announced that the budget deficit for 2025 exceeds $38 billion and that it is projecting revenues of $87 billion against an expense of approximately $48 billion.
When it comes to casualties, the exact numbers are elusive. Western sources often underestimate Ukraine’s losses, while exaggerating the Russian people.
The British Ministry of Defense reported that nearly 800,000 Russian soldiers were killed or injured, while the BBC estimated the deaths of more than 70,000 Russian troops. But Moscow claims that the victims are only in thousands.
Civilian casualties are also important, with the UN report showing that around 12,500 civilians died in early 2025, including 650 children.
However, these numbers could underestimate the true sacrifice due to access restrictions.
As the war marks its third anniversary, the victim figures are controversial and very different. In December, President Volodymyr Zelensky reported 370,000 injuries, including 43,000 Ukrainian soldiers and 370,000 injuries.
He also claimed that 198,000 Russian soldiers were killed and another 550,000 were injured.
Zelensky’s announcement follows a social media post by then-presidential election Donald Trump. Donald Trump claimed that Ukraine had absurdly lost 400,000 soldiers.
Meanwhile, Russian Defense Minister Andrei Belusov said that around one million Ukrainian military personnel have been killed or injured since the start of the operation in March 2022.
On February 24, Putin and Trump discussed the possibility of an in-person meeting, showing the complexities of new diplomacy and increasing distrust in transatlantic relations.
Following their appeal, Russian Foreign Minister Sergei Lavrov and US Secretary of State Marco Rubio met in Riyadh. This, while characterized as “constructive”, was held without Ukrainians or European representatives.
In parallel, French President Emmanuel Macron held two meetings in about 15 countries and in Paris on the war, highlighting a diverse range of views.
Participants, including the UK, viewed US security assurance as the sole deterrent against further Russian attacks, highlighting Europe’s dependence on the US involvement in dealing with the Ukrainian issue.
These developments suggest potential changes in US policies under the Trump administration. This may be that there is a lesser tendency to support Ukraine as the conflict continues in its fourth year.
Meanwhile, the US and Russia are considering restoring bilateral relations, but Europe is struggling to support Ukraine independently against Moscow.
MNA