Tallying the cost of the Russia-Ukraine war, four years on

The financial costs of Russia's invasion of Ukraine, four years on. Live from the UK, this is the Marketplace Morning Report from the BBC World Service. Hello, I'm Nick Qureshi. Exactly four years ago, Russia launched its full-scale invasion of Ukraine. Hundreds of thousands of troops on both sides have been killed. On top of that, the financial cost has also been huge, most obviously for Ukraine. But Russia's economy is also hurting, as the BBC's Steve Rosenberg has been finding out. In the town of Yiliats, walk down Orginal Kidzi Street and you'll come to a butcher, a baker and an online shopping collection point. Look up and you'll see a mural. It takes up an entire side of a nine-storey block of flats. It shows the faces of five Russian soldiers. Local men killed fighting in Ukraine. The giant image hangs over this town. like the war on Ukraine hangs over Russia. I notice that passers-by are not looking up at the picture. It's as if after four years, for people here, this war is no longer something extraordinary. Driving around, I see army recruitment posters and emergency shelters in case of drone attacks. And the local pancake stand features the Latin letters V and Z symbols of Russia war on Ukraine And the fast food sign has this slogan Grab a pancake and then the whole world At a local bakery they feeling Russia economic downturn after four years of war Costs have soared. Many small businesses have been hit by tax hikes. The bakery and its customers are having to cope with rising utility bills and higher prices. The subject of money is a very important one now, says bakery owner Anastasia. Everyone is thinking about it. People are worried, they're angry, and they're wondering how to get by. In an apartment block across town, it's proving difficult and complicated to deal with a leaking pipe. In the lobby entrance, there's ice on the floor and on the walls, and the lifts stop working. Ivan Pavlovich complains to me about the water that's trickling down and about his utility bills that are going up. He concedes that life would be easier without a war on. But if I were younger, I'd go and fight, Ivan declares. The special military operation is excellent. It's just that prices keep rising. Pensions go up, but then prices go up even more. So what do I gain? Nothing. In the lobby the Cold War has begun Someone is breaking up the ice and disposing of it outside Not everyone in Russia joins the dots and connects their social and economic problems with a costly war on Ukraine But many Russians do feel that life is getting harder, and few seem to believe it will get any easier any time soon. The BBC's Steve Rosenberg. Right, let's do some numbers. Germany's car exports to China plunged by roughly a third in 2025 to just $16 billion. In 2022, German auto exports to China were worth $34 billion. And Indonesian authorities are struggling to stem fools in the value of its currency, the rupee. Markets reacted badly when the country's president picked his nephew as the deputy governor of the central bank. Now the US has brought in a new flat rate tariff of 10% on global imports. It comes amid confusion over whether a 15% tariff or when that President Trump has promised to impose will come into effect. The President's announcements followed Friday's Supreme Court decision which struck down the wide ranging import taxes put in place by the Trump administration. Here's the BBC's Leanna Byrne. A new flat global US tariff of 10% was applied from midnight Washington time on Tuesday morning, with the White House still promising a further increase to 15%, hitting allies such as the UK and Australia. The likes of China and Brazil are already enjoying a lower tax on their exports than the tariff deemed illegal by the Supreme Court last week The EU has paused ratification of a deal done last year and India has paused plans to send negotiators to the US. The UK says nothing is off the table in terms of possible retaliation. I'm the BBC's Liana Byrne for Marketplace. Authorities in Panama have taken control of two ports on the Panama Canal that had been operated by the Hong Kong-based conglomerate CK Hutchison for more than two decades. The move comes as rivalry between the US and China escalates over global trade routes. Meanwhile, China has imposed restrictions on dual-use exports to 20 major Japanese companies, accusing them of boosting a military build-up in Japan. This includes products with a civilian purpose, but could also be used in military equipment. The BBC's Stephen McDonnell reports from Beijing. Japanese industrial giants including Mitsubishi Heavy Industries, Subaru and the country's space agency have had restrictions imposed on what products they can import from China. Beijing has accused Japan of remilitarising and now the country's commerce ministry has released a list of 20 Japanese entities which are blocked from buying so-called dual-use technologies from China. Details of the specific products have not been released. A further 20 Japanese entities have been put on a watch list and exporting dual-use items to them requires clearance. The Chinese government said the measures would not hurt normal trade with Japan. Stephen MacDonald reporting there. In the UK, I'm Nick Qureshi with the Marketplace Morning Report from the BBC World Service.