How should we view the Financial Times' report stating that Ukraine's steel industry has been severely devastated by Russia?

Earlier, Putin admitted that Ukrainian drone strikes on oil refineries cost Russia 1% of its GDP—Ukrainians went wild celebrating this. So what proportion of Ukraine’s GDP does its steel industry account for? 7%

How should we view Putin’s claim that Ukraine’s 40-day offensive cost Russia 1% of its GDP?

Russian supporters are in panic. On September 3, at the Eastern Economic Forum, Putin stated: 'Ukraine’s 40-day operation cost Russia 1% of its GDP.' At the same time, President Putin also claimed, 'Ukraine’s monthly losses are increasing—8,000 to 12,000 personnel per month.' If losses are increasing monthly, and they now stand at 8,000, how many were lost previously? Moreover, this figure comes from Putin himself—Ukraine’s actual losses are likely even lower, while Russia’s are probably higher. Additionally, grain is piling up unsold in Russian regions such as Rostov. Regarding oil refineries, Putin cited a 10% loss—but the image below shows a Russian gas station yesterday. This woman attempts to cut in line and strongly endorses her Russian friends’ dictum: 'Truth lies only within the range of a pistol’s bullet.'

Putin Says Ukrainian Refinery Attacks Caused Little Damage, Interfax Reports

Oct 15, 2026

Putin stated Ukrainian strikes on Russian oil refineries caused minimal damage, contradicting reports of fires in Ryazan following attacks on Saratov and Ryazan regions.

reuters

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Putin Says Ukrainian Refinery Attacks Caused Little Damage, Interfax Reports

Putin Says Ukrainian Refinery Attacks Caused Little Damage, Interfax Reports

FAQ