The daily cost of war in Ukraine may exceed $20 billion for Russia, according to a recent study.
The study, conducted by the Centre for Economic Recovery, CIVITTA and EasyBusiness, said that direct losses in the first four days of the war were about $7 billion, including military equipment and casualties among personnel.
Citing the study, CIVITTA said: "The total daily cost of war for Russia is likely to exceed $20-25 billion given logistics, personnel, rocket launches, etc."
Beyond military costs, the study also mentioned fiscal pressure on the Russian economy, saying: "As a result of sanctions pressure, the financial sector of Russia has suffered irreparable losses."
While the Russian ruble has been losing its value since the beginning of the war, the Russian stock market was closed this week due to significant losses.
Many foreign companies have announced to stop their operations or investments in Russia, including the European Space Agency, Oracle, BMW, Apple, MAERSK, and Airbus.
This week, several Russian banks were removed from the SWIFT system, while the biggest Russian lender Sberbank withdrew from the EU market.