In November, Russia lost the most soldiers in a month since the beginning of the war; how is the aggressor’s economy reacting?

During November, the Russian army suffered its largest military losses in Ukraine since the beginning of the full-scale war, with 45,720 soldiers. The Ukraine Defense Forces also destroyed 307 Russian tanks. This is the highest monthly total for the fall campaign, and is equivalent to 10 tank battalions. The estimated cost of the destroyed equipment is $450M. In addition, the Ukrainian military damaged 899 enemy armored combat vehicles worth at least $500M. The enemy’s total weapon and equipment losses for November are estimated at $3B.

Meanwhile, according to experts, the ruble’s fall will play into Russian authorities’ favor, as the impoverished population will have more financial incentive to enlist. However, analysts note that the rapid fall in the ruble’s value in recent weeks indicates that the accumulated problems in the Russian economy are becoming critical. Russia suffers from high inflation, a personnel shortage, and an outflow of money from the private sector to the defense sector. This bubble will burst when oil reaches $40-50 per barrel.