Russia has spent $28 billion more than planned on its war in Ukraine, according to a Financial Times analysis. This staggering overrun reflects years of underestimated costs and shifting battlefield dynamics. The FT's reporting highlights how sustained military engagement has drained resources, with no clear end in sight. Investors are now questioning the economic viability of prolonged conflict, particularly as domestic support in Russia wanes.

The $28bn shortfall stems from a combination of underestimated equipment needs, logistical failures, and escalating frontline casualties. Analysts note this isn't just a military issue—it's a fiscal crisis with ripple effects across global markets. The war's costs have already triggered sanctions evasion attempts and strained Russia's credit ratings. For businesses tied to energy exports, the strain is twofold: balancing war financing with shrinking revenue streams.

This overspend underscores a broader strategic miscalculation by Putin's regime. Unlike traditional wars with defined objectives, Ukraine's resistance has forced Russia into a costly attritional conflict. With no endgame visible, the financial burden could accelerate economic contraction. For global investors, the lesson is clear: geopolitical risks are priced into markets, but prolonged conflicts like this one can trigger unforeseen collateral damage.