The Guardian notes that Russia's
victory has been undermined by an alarming flight of capital. Analysts estimate that, since the war began on August 8, $19bn (£10.7bn) has been withdrawn from the country.
The Kremlin is also facing other economic problems. They include a rapid drop in the oil price, which has fallen almost 30% from peaks close to $150 a barrel, and a 9.7% increase in inflation since the start of the year.
Analysts believe the war could become a catalyst for a more profound slowdown following at least seven years of unprecedented economic growth.