While sanctions are biting, Moscow can still afford its war against Ukraine for years to come. The question is how much of its future it is prepared to mortgage in order to do so, argues Alexander Kolyandr.

Ukraine must rely on its partners for funding to win the war and rebuild the country. This year’s Ukraine Recovery Conference (URC) was an oppor­tunity for Ukraine to build trust and trans­parency regarding its plans and goals for the funding. Now Ukraine should address its long-term challenges and its commitment to build a stable business environment, while preparing for the URC 2024. Despite or even because of the ongoing war Ukraine should make reforms its priority next to fighting Russia and liber­ating its territories.

The war in Ukraine will throw Russia into an economic crisis, which it will try to combat through fossil fuels reversing the started green transition