A recent study estimated that the Russian military operation in Ukraine would cost Moscow between 20 and 25 billion dollars.
The study, which was published on Wednesday, was conducted by the Center for Economic Recovery (based in London), Civita Management Consulting Company (based in Tartu, Estonia), and the Easy Business Research Center (based in Kyiv).
The study added that direct losses in the first four days of the military intervention amounted to about $7 billion, including military equipment and personnel losses.
The study also indicated that in addition to the military costs, the financial sector in Russia suffers from irreversible losses, as a result of the pressures caused by the sanctions imposed on Russia.
At the dawn of last February 24, Russia launched a military operation in Ukraine, which was followed by angry international reactions and the imposition of severe economic and financial sanctions on Moscow.
Several foreign companies have announced the suspension of operations or investments in Russia, including the European Space Agency and companies including Oracle, BMW and Apple.
In light of the escalation of the war in Ukraine and the imposition of economic and financial sanctions on Moscow by the West, the exchange rate of the Russian ruble against the dollar fell to record levels.
On Wednesday, the European Union agreed to exclude major Russian banks from the global money transfer system SWIFT, as sanctions against Moscow continue to expand as Moscow expands its war in Ukraine.