It’s hard to get an accurate death toll on either side — Russia does not publish such figures — but an advisor to Ukrainian President Volodymyr Zelenskiy said Saturday that around 3,500 Russian soldiers had been killed or injured so far during the invasion, Reuters reported. Ukraine’s deputy defense minister put the number higher on Sunday, at 4,300, but said the figure had not been verified.
Max Hess, senior political risk analyst at AKE International, told CNBC he didn’t believe Russia’s invasion of Ukraine would boost Putin’s popularity, noting “it certainly won’t have any impact like after Crimea, not at all.”
“Even if it all ends now ... it seems already — based on Ukraine numbers — that probably more Russians have died [during the invasion of Ukraine] than died in the Chechen conflict in the ’90s,” he said Monday.
Timothy Ash, emerging markets strategist at BlueBay Asset Management, has noted that he believes Putin has “spectacularly miscalculated” when it comes to Ukraine.
“It’s now pretty clear that Putin’s game plan (planned for years) was to encircle Ukrainian troops in Donbas, take out key military and economic infrastructure, encircle Kyiv and Kharkhiv and assume Zelensky would throw in the towel, Ukrainian troops would not fight and the Western sanctions response would be muted. I think he also planned to install a puppet regime in Kyiv,” Ash said in emailed comments Sunday.
“He has been spectacularly wrong on all counts,” Ash noted. “Thousands of Russian mothers will be grieving the loss of their sons. Russians will see their living standards drop and their savings melt.”