While 2026 has already seen its share of disruptive events, none have cause the war in Ukraine to stop or even slow down. Long range attacks are now practically daily events, casualties are high, and significant parts of the Ukrainian population have faced a cold winter with limited electricity and other utilities.

With the war now eclipsing the so called Great Patriot War in length today I want to look at how the war economies of Russia and Ukraine are holding up and some of the key risks they are likely to face going into 2026.