Ukraine at UN: Russia losing war, Kremlin exaggerates successes amid economic exhaustion

Russia is losing the war it started, and its economy is increasingly exhausted by costs, sanctions, and Ukrainian strikes, stated Ukraine's Permanent Representative to the UN, Andrii Melnyk, according to Укрінформ.

He said this on Monday at a UN Security Council meeting dedicated to Ukraine's Independence Day.

“Regardless of all barbaric attacks against civilians in Ukraine, Russia is already losing and will ultimately lose this war,” – Melnyk stated.

He pointed to the dismissal of the chief economist of Russia's second-largest state bank, VEB.RF, Andrei Klepach, on direct orders from the Kremlin after critical statements about the real state of the Russian economy, including warnings that Moscow would not be able to win a prolonged economic war against Ukraine.

Melnyk noted that these statements were a rare admission from a senior Russian economist of large-scale problems in the Russian Federation and directly contradict the claims of Russian leader Vladimir Putin that Moscow is supposedly successfully overcoming economic pressure.

According to the diplomat, Russia's economy is going through its most difficult period since the start of the full-scale invasion. It is under pressure from huge war spending, Western sanctions, and Ukraine's growing ability to strike Russia's oil and gas industry.

In the first four months of 2026, Russia's budget deficit reached 5.8 trillion rubles, significantly exceeding the government's plan of 3.8 trillion for the entire year.

According to Russia's own Ministry of Finance, federal budget revenues from oil and gas in January-April 2026 collapsed by almost 40% year-on-year.

Russia cannot sustain a prolonged war of attrition because losses exceed recruitment rates, and financial and material costs are rising. Meanwhile, “the Kremlin exaggerates its tactical successes to create the impression of continuous military gains”, Melnyk said.

Early reported, the US in the UN Security Council called on Russia and Ukraine to return to the negotiating table.