Ukraine is entering the most difficult phase of the war from an economic standpoint. Russia is intensifying its attacks on facilities that keep the Ukrainian economy running, in an effort to disrupt manufacturing, logistics, and business operations.

This is reported by correspondents for the American publication The New York Times.

According to the publication, the war of attrition between russia and Ukraine is increasingly shifting to the economic front. Moscow and Kyiv are attacking industrial enterprises, logistics facilities, and commercial infrastructure in an effort to weaken each other’s economic capabilities.

Ukrainian officials are calling the intensified russian campaign a “total war,” as the strikes are increasingly aimed not only at military targets but also at reducing production, disrupting supply chains, and causing job losses.

Russia has expanded the list of targets for attacks. These include, in particular, warehouses, ports, railway infrastructure, border crossings, and ships. Recently, internet infrastructure has also come under attack, leaving about 100,000 households without access to essential services.

Prolonged air raid alerts have become a separate problem for the economy. Because of them, businesses are forced to halt operations, and consumers spend a significant portion of their time in shelters. This directly affects sales and economic activity.

Amid the intensifying attacks, the European Bank for Reconstruction and Development lowered its forecast for Ukraine’s economic growth in 2026 from 2.2% to 1.5% on September 24.

At the same time, some economists suggest that by the end of the year, the Ukrainian economy may not show any growth at all.

EBRD Chief Economist Dimitar Bogov stated that due to labor shortages and intensified shelling, Ukraine is entering “the most difficult period of the war.”

According to him, the population’s purchasing power remains relatively high, but people are effectively unable to spend their money to the fullest extent due to constant attacks and disruptions to economic activity.

According to estimates by the Ukrainian Ministry of Economy, economic losses from the russian campaign could reach about USD 10 billion by the end of the year. A significant portion of the losses is not directly related to the destruction of facilities, but rather to lost sales, lost workdays, and logistical problems.

Ukraine’s railway infrastructure is also suffering serious losses. Before the full-scale war began, the country had about 1,800 locomotives, but about 500 of them have already been lost.

According to data cited in the article, Ukraine is currently losing an average of about one locomotive per day.

Attacks on port infrastructure, railways, border crossings, and ships are also hampering exports.

This summer, russian attacks targeted grain silos in particular, aiming to reduce Ukraine’s ability to store its harvest. As a result, the European Union is supplying Ukraine with mobile grain storage units.

As is well known, for Ukrainian businesses, the intensification of attacks means they must adapt. Companies are relocating warehouses to distributed and underground facilities, seeking alternative logistics routes, and trying to reduce their dependence on large facilities that could become targets of russian strikes.

At the same time, Ukraine continues to strike at the russian economy, particularly the oil industry. Ukrainian drones are attacking oil refineries and other commercial facilities in russia.

Thus, the war is increasingly turning into an economic confrontation in which the parties are trying not only to achieve military objectives but also to inflict maximum economic damage on the enemy.

© 2026 Ukrainian News Agency

https://ukranews.com/en/news/1177323-ukraine-is-entering-the-most-difficult-phase-of-the-war-according-to-media-reports