Vladimir Putin Forced To Borrow Nearly $12 BILLION To Fund War Against Ukraine As Russian Forces Continue To Struggle
Nov. 21 2022, Published 8:00 p.m. ET
Vladimir Putin was forced to borrow nearly $12 billion from his own citizens over the weekend in an effort to continue funding Russia in its war against Ukraine, RadarOnline.com has learned.
The surprising development marks just the latest trouble the 70-year-old Russian leader has found himself in as his forces continue to struggle against Ukraine’s defending troops.
According to Daily Mail, Putin raised billions in funds by selling debt bonds to some of Russia’s wealthiest investors – meaning the struggling Russian president essentially sold “IOU” notes to the investors he was borrowing the money from.
This also marks the largest sale of its kind in Russian history, only emphasizing the fact that the country is not only struggling in Ukraine but also desperate to keep the war going despite a recent series of militaristic setbacks, failures, and retreats.
Britain’s Ministry of Defense recently revealed Russia will need a 40% increase in military spending next year to afford the ongoing war against Ukraine, while conditions are expected to worsen and the cost of the war is expected to go up with the harsh winter season quickly approaching.
As the Russo-Ukrainian war approaches the 10-month mark, Russia continues to be ravaged by the weight of foreign sanctions against the country’s already struggling economy.
Russia’s economy officially entered a recession last week after it suffered a 4.1% fall in the second quarter, followed by an equally devastating fall of another 4% in its third quarter.
Although the steady sales of oil and gas have kept the nation’s grappling economy afloat, for the time being, sales are forecasted to slow down to a standstill following recently implemented embargos against Russia’s export market by the United States and European Union going into 2023.
As RadarOnline.com previously reported, Russian forces are struggling on the frontlines in Ukraine as the nation’s economy slowly collapses back home.
Last week, Putin’s troops were forced to retreat from the Ukrainian city of Kherson – a key strategic territory that gave Russia an upper hand until its forces were pushed to surrender the territory.
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"After defeat in Kherson, Russia’s status as a great state is questionable,” a pro-Putin political analyst, Sergey Markov, said about the withdrawal of Russian troops from the region. "They will be putting pressure on, and demand soft capitulation.”
“If Russia wants to win, we must switch the economy into a military regime,” Markov continued, although he did not acknowledge Russia’s struggling economy or its severe lack of funds. “This decision is already six months late. We have got to be tougher. Tougher. Drones, communication, missiles and shells must be produced by our factories 24/7.”
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