fedyk6_ROMAN PILIPEYAFP via Getty Images_ukraine economy ROMAN PILIPEY/AFP via Getty Images

No, Russia Is Not Winning

Two years after Russia launched its full-scale war of aggression, Ukraine is still holding the line militarily, and even beginning to recover economically. As much as Vladimir Putin wants the world to think he has shielded the Russian economy from blowback, recent financial and economic developments suggest otherwise.

BERKELEY – Two years into its full-scale war of aggression, Russia continues to attack Ukraine’s manufacturing and infrastructure, and Ukraine continues to demonstrate its resilience in the face of a massive military and economic toll. By the end of 2022, Ukraine’s GDP had shrunk by about 30%, and inflation had skyrocketed from 10% to 26.6%. More than ten million Ukrainians had been displaced, and the unemployment rate was as high as 24.5%. The National Bank of Ukraine had devalued its currency from 29 to 36.57 hryvnia to the US dollar.