This study assesses the cost of the Russo-Ukrainian war for Ukraine from a financial and economic perspective. From February 2022 to December 2024, Ukraine’s war-related cost is estimated at a minimum of approximately USD 370 billion. This figure includes the costs associated with GDP losses (lower-end estimate), destruction of physical and natural capital, and financial capital losses reflected in declining market capitalisation. To put this into perspective, this is more than the amount (over USD 220 billion) spent on rebuilding Iraq between 2003 and 2014, as well as the amount, i.e., USD 141 billion, spent by the United States government on reconstruction in Afghanistan between 2002 and 2021. The entire cost of Syria’s reconstruction was also estimated to be anywhere between USD 250 billion and USD 400 billion in 2021. Second, Ukraine’s government spending has surged dramatically, with defence expenditures alone rising by an extraordinary 794.6% in 2022. Although any specific expenditure amount cannot be classified as a direct and immediate cost for the Ukrainian government due to the heavy reliance on external budget financing, including grants and loans, during these years, loans have constituted a larger share of external support, reflecting a cost of war deferred to the future. Beyond the debtservicing costs, the country faces other long-term financial commitments, including recovery and reconstruction needs (amounting to USD 524 billion from 2025 to 2035), higher defence spending requirements for a prolonged period, and social security needs to support veterans and war-affected citizens. Only through a lasting peace can Ukraine fully unlock its economic potential and rebuild a resilient and growth-driven economy.
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The US-Israel War on Iran: Objectives, Strategy, and Escalation Management
Zahra Niazi
‘States tend to overestimate themselves or the benefits and swiftness of war, and to underestimate their opponents’ capabilities, intentions, or the costs and duration of war.’ If anything, the 2026 war initiated by the United States and Israel against Iran shall be remembered in the annals of warfare among the most visible manifestations of this dynamic.
The war, immediately preceded by the January mass protests in Iran, did not represent a sudden rupture but rather the continuation of a 47-year-long confrontation and a more intense phase of the June 2025 war.
The US Secretary of War, Pete Hegseth, defined the war’s objectives as being laser-focused: to destroy Iran’s missile capabilities and its security infrastructure, while ensuring that it could never develop nuclear weapons. Beyond these stated objectives, among the priorities on the continuum also lay the objective of regime change, with both President Trump and Prime Minister Netanyahu explicitly calling on the Iranian population to take over the government at the outset of the war.
Marka-e-Haq to the Peace Talks: Pakistan’s Middle Power Status
On 7th May 2025, Pakistan’s military forces took the international security community by surprise when it demonstrated operational superiority against its larger belligerent adversary India with its rapid and coordinated response. The Four-Day conflict proved to be a watershed moment for Pakistan, marking its rapid emergence as an important player in the region. In recent years, amidst the ongoing global competition between the United States and China, Islamabad has adopted a position of ’Strategic Balancing,’ where it maintains ties of cooperation with both Beijing and Washington. Deft diplomacy, emphasis on geo-economics, and credible conventional and strategic deterrence have remained the foundational pillars for Pakistan’s ambition as a rising middle power
Debunking the S-400 Shield: Lessons from the India-Pakistan Conflict
Air defense has always been a central aspect of warfare. In South Asia, the phenomenon carries immense significance due to compressed reaction times. In this context, one of the most-hyped systems is the Russian-made S-400, touted by New Delhi as a one-stop solution to counter aerial threats from both Pakistan and China.
The 2025 conflict between India and Pakistan marked an important chapter in testing the S-400 technology. The conflict began on May 7, when India attacked what it alleged were terrorist targets in both Pakistani-held Kashmir and Pakistan proper, using drone and missile strikes. The conflict lasted for four days, culminating in a U.S-facilitated ceasefire. However, the brief conflict debunked a lot of the myths regarding the S-400 technology.
First, India claimed that the mobile S-400 would be able to control Pakistan’s airspace. In contrast, Pakistani aircraft continued to operate freely, according to official briefings by the Pakistani military. Although the Pakistan Air Force (PAF) aircraft were in their own airspace, they were still within the air defense range.
