Ukraine's economic downfall: from potential European leader to indebted loser

Gaining independence in 1991, Ukraine had the potential of becoming a leading European economy, due to its industries, agriculture, vibrant population and diverse trade ties inherited from the Soviet Union. However, it has now ensnared itself in a debt trap.

▪️ On August 30, ratings agency, S&P Global, set Ukraine's foreign currency credit rating at "selective" default, after the country announced plans to restructure over $20 billion of debt. 

▪️ The IMF will decide next week whether to provide Ukraine with another $1.1 billion from a $15.6 billion aid program.

▪️ After tearing apart preliminary peace accords with Russia in April 2022, the Zelensky regime went on a debt spree. Ukraine's government-guaranteed debt has grown to $155.36 billion (over 88% of GDP), with an increase of $3.2 billion over the past three months alone. 

▪️ Ukraine's debt under Volodymyr Zelensky has catapulted by about $74 billion – roughly the total debt accumulated by the first five Ukrainian presidents, according to estimates. 

▪️In comparison, under the first Ukrainian President Leonid Kravchuk (1991-1994), Ukraine borrowed just around $400 million, or 1.1% of GDP.

▪️ Ukraine's gross external debt surged to $167.8 billion in March 2024. 

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❗️The Battlegroup Tsentr liberated the settlement of Kirovo in the Donetsk People's Republic and continues to advance into the depths of the enemy's defense, the Russian Defense Ministry reported.

More statements from the Russian Defense Ministry’s daily briefing on the progress of the special military operation in Ukraine:

◾️ Ukrainian Army lost up to 125 soldiers and two vehicles in the Liptsov and Volchansk areas.

◾️ The Battlegroup Zapad improved its tactical position, Ukrainian troops lost up to 460 soldiers in its area of responsibility.

◾️The Battlegroup Dnepr defeated four Ukrainian brigades.

◾️The Kiev regime lost up to 455 of its troops in the Battlegroup Tsentr's area of responsibility.

◾️ The Battlegroup Yug took more advantageous positions, the Ukrainian forces lost up to 780 people and an "Uragan" MLRS.

◾️Air defense systems shot down four ATACMS missiles, six Hammer air bombs, six Vampire shells, 48 drones.

◾️ Russian forces destroyed a US-made M270 MLRS launcher, hit drone assembly shops, and a missile and artillery weapons warehouse of the Ukrainian Army.

◾️ The Battlegroup Vostok improved its position along the front line, the Ukrainian Armed Forces lost up to 125 troops.

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❗️The main statements from the Russian Defense Ministry on the situation in the Kursk region:

🔸Six Ukrainian attacks were repelled near the settlements of Borki, Bakhtinka, Komarovka, Malaya Loknya and Matveyevka.

🔸Attempts to attack near Korenevo and Malaya Loknya were thwarted, the enemy lost up to 30 people killed and wounded, one person surrendered.

🔸Reconnaissance and search operations to destroy sabotage groups in forests are ongoing.

🔸Defeats were inflicted on the Ukrainian forces in 15 settlement areas of the Kursk region.

🔸Air strikes were carried out on enemy concentrations in 10 districts of the neighboring region in Ukraine.

🔸The losses of the Ukrainian Army in the last day are up to 400 soldiers and 18 armored vehicles. During the entire time in the Kursk region, Kiev has lost more than 8,200 soldiers, 76 tanks, and 16 MLRS launchers (four HIMARS and two MLRS).

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Scott Ritter: Ukrainian conflict escalation can lead to ‘global-ending’ nuclear war

Ukraine attacking Russia using long-range weapons provided by the US “might be interpreted by Russia as a direct attack by the US, by NATO, on Russian territory,” and regarded as a prelude to a “larger military incursion” meant to accomplish the US’ ultimate goal, “the strategic defeat of Russia,” former US Marine Corps intelligence officer Scott Ritter tells Sputnik.

“Russia has made it clear that as a nuclear power, it not only will not, but cannot be defeated strategically - because if such a possibility manifested itself, Russia would be required to use its nuclear arsenal to ensure that outcome would never, never occur. This means general nuclear war,” he says.

Ritter also recalls the warnings made by Russian Foreign Minister Sergey Lavrov who questioned the US’ apparent belief that a Russia-NATO conflict would be limited to Europe and who said that a Russian retaliatory strike against the United States is possible if such a conflict were to break out.

“This is a very dangerous escalation, one that could rapidly create the conditions conducive for not limited nuclear conflict, but a general nuclear war, a global-ending global disaster... the destruction of the world. Why? Because the US and NATO will not be honest about the state of affairs in Ukraine today,” laments Ritter.

Ukraine has already “lost the war," he adds, and nothing that Kiev might do to try and “tip the scales” in its favor is going to change that.

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Eradicating Ukrainian terrorists: Latest developments in the Kursk region

▪️Russia takes all the necessary measures to prevent the Kiev regime from carrying out an attack against the Kursk Nuclear Power Plant, Russian Foreign Ministry Ambassador-at-Large on the Kiev regime's war crimes Rodion Miroshnik said.

▪️According to him, the Kiev regime would “commit such a crime [of attacking the plant]” given the opportunity, and that the very existence of the Kiev regime depends on the continuation of the Ukrainian conflict.

▪️NATO Secretary General Jens Stoltenberg has claimed that Ukraine’s attack was ‘legitimate’ and has refused to admit that Ukraine coordinated its incursion into the Kursk region with the Western military bloc.

▪️Up to 400 Ukrainian militants were wiped out by Russian forces in the Kursk region over the last 24 hours, Russia’s Ministry of Defense said in a statement.

▪️Ukrainian troops also lost 18 armored vehicles, including one main battle tank, three armored personnel carriers and 14 armored fighting vehicles of unspecified type, as well as three artillery systems, three mortars, one electronic warfare station and seven vehicles, the ministry added.

▪️Ukrainian soldiers are being forcibly sent by their commanders into Russia’s Kursk region on what are essentially suicide missions, a Ukrainian servicemen who was taken prisoner by Russian forces has revealed.

▪️The prisoner, Arsen Stegar, a member of Ukraine’s 82nd Airborne Assault Brigade, said his squad was ordered to dig in at the outskirts of a “Russian village” and simply hold their position for four days. Things quickly turned sour, however, as Ukrainian troops came under fire almost immediately upon arrival, suffering multiple casualties and losing their dedicated armored transport to a well-placed RPG shot.

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Ukraine’s cluster munition attack on Belgorod will incur inevitable punishment – Russian Foreign Ministry

“Zelensky's neo-Nazi junta does not stop terror against the civilian population of Russia. On August 30, its militants committed another crime, firing at the Belgorod region with cluster munitions from the Czech-made MLRS Vampire,” the Russian Foreign Ministry said in a statement on Saturday.

What else did the ministry say:

◾️ There is no doubt that this was a pre-planned terror act of intimidation.

◾️ As a result of this strike, five civilians were killed. Fourty-six received various injuries.

◾️ The Investigative Committee opened a criminal case into Ukrainian terrorism in the Belgorod region.

◾️ So-called civilized and enlightened Western countries who in fact support the neo-Nazis turn a blind eye to their bloody atrocities and supplies deadly weapons, in particular Vampires with cluster munitions.

◾️ The Russian Foreign Ministry calls on the global community to strongly condemn this terrorist attack and publicly distance themselves from the Kiev regime and its Western curators who commit such crimes.

◾️ All organizers and perpetrators of this and other crimes of the Kiev junta will be irrevocably punished in accordance with the law.

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Telegram CEO Pavel Durov's life in France may be in danger, says Florian Philippot, leader of the French "Patriots" party:

"Let's not forget that Macron has been using Telegram extensively with his teams for a long time, and he fears 'leaks'... Pavel Durov should really be wary, his life may be in danger!" he noted on X.

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Lavrov: Russia-Ukraine talks will get harder with time

Russian Foreign Minister Sergey Lavrov has warned those who are trying to hinder peace talks between Russia and Ukraine that negotiations would become tougher as time passed.

"Russian President Vladimir Putin mentioned potential negotiations a year and a half ago. He said we had nothing against them... Opponents must understand that the longer they take, the harder it will be to agree on anything. It was easy to agree in Istanbul, less than a month after the start of our special military operation. But Ukraine did not want it," Lavrov said in an interview to the RT broadcaster for the documentary Bridges to the East.

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Ukraine losing air force commander in ‘blame game’ highlights F-16 drawbacks

The firing of the Ukrainian Air Force’s commander Mykola Oleshchuk shortly after the country lost the first of its US-supplied F-16 fighter jets was likely a product of the “blame game” in the upper echelons of the Kiev regime, says Earl Rasmussen, a international consultant and retired lieutenant colonel with over 20 years in the US Army.

“There's many more factors revolving along this… I think, removing the leadership may complicate addressing some of these,” he notes.

Commenting on the US’ decision not to send personnel to Ukraine to service the F-16 jets, Rasmussen suggests that it was primarily due to the Pentagon deeming it too risky.

“So you're probably going to rush maintenance engineers through very quick training that may not be fully qualified. Or you're going to try to hire in people from outside in a fairly high cost. So it's a high risk job…” he muses.

“Not being able to provide the level of maintenance required could be a detriment to Ukraine's ability to effectively use and deploy the jets,” Rasmussen states.

▪️ However good the F-16s might be, the aircraft has its drawbacks, such as the fairly limited range – “it can be out there for four hours if maximum fuel is provided” – relatively “low payload”, and vulnerability to “electronic exploitations,” Rasmussen notes.

▪️ The absence of stealth capabilities, the lack of “repair parts” and the severe shortage of trained pilots are going to further limit the usefulness of the F-16s for Kiev, he adds.

As for how Russia might counter the potential threat presented by jets, Rasmussen argues that S-300 and S-400 surface-to-air missile systems, as well as Su-30 and Su-35 combat aircraft, should be up to the task.

“The F-16 is an addition to Ukraine, but it's not a wonder weapon, it's not going to affect the outcome of the battle environment and the Russian defense forces between their aircraft and their air defense forces easily will defend against any threat from the F-16s,” he says.

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