Since February 2022, Russian forces have suffered nearly 1.2 million casualties, more losses than any major power in any war since World War II. Meanwhile, Russia’s war economy is under mounting strain, with manufacturing declining, slowing growth of 0.6 percent in 2025, and no globally competitive technology firms to help drive long-term productivity. No major power has suffered anywhere near these numbers of casualties or fatalities in any war since World War II. Russia’s Pokrovsk offensive has advanced slower than Allied forces in the Battle of the Somme in World War I, one of the most grinding offensives of the war. To finance the Ukraine war, the Kremlin has borrowed at home and raised taxes.