Vladimir Putin’s war in Ukraine has cost Russia’s economy 5% in growth, U.S. Treasury says

a picture of vladimir putin standing in front of two open doors and curtains (Credit: VLADIMIR SMIRNOV—AFP/Getty Images)

Vladimir Putin’s invasion of Ukraine is nearing the two-year mark. In the time that’s passed, Russia has lost out on economic growth as it remains under pressure inside and out.

If not for the Ukraine war, Russia’s GDP could have been 5% bigger, according to U.S. Treasury estimates cited by the Financial Times Thursday.