Putin Says Ukraine Strikes Cost Russia 1% of GDP in 40-Day Campaign

September 2, 2026 at 03:10 AM2 min

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Russian President Vladimir Putin said Ukrainian attacks inflicted damage equivalent to about 1% of Russia's GDP during a 40-day strike campaign ordered by Ukrainian President Volodymyr Zelenskyy. He said the damage was 'quite substantial' but 'not critical' at a news conference in Bishkek, Kyrgyzstan. Putin also said Ukraine damaged about 100 Russian ships and that only about 10% of Russia's refineries remain to be repaired.

Key Facts

Putin said Ukrainian attacks caused damage equal to about 1% of Russia's GDP during a 40-day campaign ordered by Zelenskyy.
Ukraine damaged about 100 Russian ships during the campaign, including about 40 in the first two weeks.
Only about 10% of Russia's refineries are left to be repaired after drone attacks, Putin said.
Russia's seaborne crude exports fell to 3.46 million barrels a day in the four weeks through Aug. 23.
Three of Russia's largest grain terminals at Novorossiysk halted operations in August after a drone attack collapsed a loading gallery.

Economic Damage Assessment

Putin told reporters in Bishkek that the overall damage from Ukrainian strikes was 'quite substantial — around 1% of GDP' but 'not critical damage for us.' He said the attacks affected Russia's Black Sea route that handled more than 70% of Russian grain exports, along with shipments of oil, steel and coal. Damage from strikes on refineries and Black Sea ports pushed Russia's seaborne crude exports down to 3.46 million barrels a day in the four weeks through Aug. 23. Putin made no reference to attacks on warehouses of e-commerce giants Wildberries and Ozon that have caused billions of dollars of damage to logistics networks.

Military and Infrastructure Impact

Ukraine damaged about 100 Russian ships during the campaign that began in June, including about 40 in the first two weeks, Putin said. Only about 10% of Russia's refineries are left to be repaired after drone attacks, Putin said separately. Three of Russia's largest grain terminals at the Black Sea port of Novorossiysk halted operations in August after a major drone attack collapsed a loading gallery and damaged multiple silos. Zelenskyy on Tuesday threatened to effectively close Russian airspace to commercial aviation through mass drone deployments. Putin said Russia would find a way to respond if Ukraine carries out such a move.