Russia vs Ukraine: War has hit economies of both sides

The war has decimated Ukraine’s economy and put Russia’s under massive strain. After growing strongly on the back of massive military spending – up to 9 percent of GDP – Russia’s economy has slowed, posting just a 1 percent expansion last year. Oil and gas revenues – which provide roughly a quarter of state budget income – fell to a five‑year low last year, as a wave of Western sanctions and Ukrainian attacks on oil facilities crimped exports.