War Balance

Method overview: one scale for every flow

The map gives every country two numbers for 2022 to August 2026, each against what it would have done without the war: support for Ukraine and Russia's earnings from trade (what Russia keeps: taxes and profit above a normal return, not the full price). Their sum, with the return Russia lost on its frozen reserves, is the net. Worldwide, Russia's net gain from buyers who cut fell by EUR 353.6bn and rose by EUR 216.4bn from buyers who bought more (2022–August 2026).

The core idea in four steps

  1. Change, not totals. Each flow is set against the level expected without the war (counterfactual). A country that kept buying the same oil shifted nothing.
  2. Volumes, valued at each year's prices. Paying more for the same oil is not a change in behaviour, so trade is compared in volumes (prices). The extra Russia earned from higher prices is a part of its own, the war-time windfall.
  3. Summed from 2022 to the chosen year: whole calendar years, so 2022 includes January and February, before the invasion (little changed then), and 2026 counts January–August. 2021 is the pre-war reference.
  4. As % of one year's GDP, the 2022–2024 average. It is a total for about 4.7 years, not a yearly rate.

One rule for what counts. A country's figure reflects its own choices and the foreseeable answers to them. Things forced on it that it did not choose — Ukraine's strikes on Russian refineries, Russia's sudden export bans — count neither for it nor against it. Embargoes, sanctions, switching suppliers, Russia's 2022 gas cut-off and its counter-sanctions, and the war-time prices paid by buyers who kept buying all count (what counts).

Choices and their consequences

Every part of the net shift

Each part in a country's panel opens its own method. In short:

part counted at number page
Aid to Ukraine (Kiel, adjusted) weapons at market value, loans as gifts, when delivered support aid
Share of EU-level aid by EU budget share support EU aid
Hosting refugees spending minus the host's gain support refugees
Undisclosed aid, private donations estimates beyond Kiel support aid
New IMF, World Bank, EBRD lending gift value, by shareholding support loans
Bought more or less from Ukraine than without the war Ukraine's net gain support trade
Flowing back (−) seller's net gain × extra share support flowback
Less or more paid to Russia Russia's net gain trade trade
War-time fuel prices Russia's gain on the extra price trade prices
Russian oil via other countries Russian crude inside the fuel trade laundered oil
Sales to Russia seller's net gain × extra share trade trade
Services, shipping seller's net gain trade services
Company taxes in Russia profit tax + half of other taxes trade taxes
Weapons and troops sent to Russia paid: seller's gain; unpaid: in full trade military
Weapons bought from Russia Russia's gain on arms trade arms
Rosatom, Russian state loans payments against schedule trade state finance
Russian-owned firms' profits against 2019–2021 trade firms
Gold and hidden payments Russia's gain on gold trade gold
Payment agents' fees financial industry's gain trade agents
Russian money frozen return Russia lost net only frozen

Labels that change no total: gas that Russia cut off itself (Poland, Bulgaria, Germany and others in 2022; Austria in 2024) or that stopped when Ukraine ended gas transit in 2025 (counted only for gas still flowing the year before), and the share of a cut required by sanctions (sanctions).

Markers outside the totals

Shown on the map and in the panel, added to nothing:

One rule for every seller

Every sale counts at the seller's net gain × the share that is genuinely extra.

Manufacturing earns little above a normal return, so US weapons sold for Ukraine count at about 4% of their value.

The net-gain rule

Aid is a gift: Ukraine gets EUR 1 and gives nothing back. Trade is an exchange: the seller gives up goods that cost money to make. So trade counts at the seller's net gain. The idea came from a reader on Reddit.

Russia's net gain per euro, central values:

what Russia sells 2021 2022 2023 2024 2025 2026
crude oil 0.62 0.62 0.57 0.58 0.45 0.55
oil products 0.52 0.58 0.54 0.51 0.38 0.52
pipeline gas 0.55 0.82 0.66 0.56 0.50 0.53
LNG (Russian owners' part) 0.31 0.52 0.44 0.31 0.33 0.31
coal 0.27 0.41 0.17 0.03 0.02 0.02
all other goods 0.17 0.14 0.12 0.10 0.10 0.11
services 0.026 0.029 0.032 0.030 0.036 0.036
arms 0.043 0.039 0.045 0.049 0.050 0.050
gold 0.37 0.31 0.38 0.47 0.56 0.64

Each country's payments take the gain of what it actually bought: its own mix of fuel and other goods, from its customs records. Russia's normal return is 11.4% a year on its capital (5% real plus Russia's risk premium). Ukraine's net gain is lower, about 0.03–0.05 per euro in 2022–2025: war-time logistics take much of the price and investors need a high return.

Two numbers

A negative support for Ukraine means the country earned more from the war effort than it gave, not money toward Russia; on the map such a country is grey.

The cost view

What the war cost the country itself (aid at the lender's cost, the extra paid to replace Russian energy, income lost on sales to Russia, minus discounts gained on Russian oil). The site does not show it; the full data download keeps it (Download the data).

Gross flows

The map shows changes, not gross totals, because gross totals include normal trade. Gross flows (paid to Russia, bought from Ukraine, aid) are in each panel's small charts, in the downloads and as an option in Filters.

How the map shows it

One colour rule: blue toward Ukraine, orange toward Russia, grey no clear change (or support below zero), faded where the direction is not very likely. Money streams show the two numbers in euros, never gross trade. What's counted lets you switch parts off; every total, range and grade follows, and the page says "Custom mix, not the official figures".

Rules that apply everywhere

No data

A trade part counts only where the country has its own observation for the war years: a figure it or its partners report for 2022–2025, or a country-specific record from the research (tanker tracking, national statistics, a refinery's exports). A trend carried forward, or Russia's import gap split by shares, is not an observation.

Why: without an observation the number would be our guess about that country, not its record. A part with no observation counts as zero and is named under the trade section as "No data". A country with nothing observed at all is hatched on the map, with no tags and no ranking. This affects 74 economies and territories, mostly small; the list is in the research files.

Decisions behind the method

The main choices, why they were made and what they did to the numbers when they came in (the panels show today's figures). The full changelog has the evidence for each.

decision why effect when it came in
Compare with a world without the war, not with zero buying as before is not a choice; buying less is money Russia did not get every trade part is a change
Forced losses of Russian supply count for neither side (strikes, Russia's sudden export bans, the 2026 Druzhba halt) a country's figure reflects its own choices and the foreseeable answers to them EUR 13bn of expected purchases taken out for 60 buyers (rounds 51–52)
Total since 2022 as % of average 2022–2024 GDP compares small and large economies; one bad currency year does not decide Nigeria +0.42% (+0.81% against 2024 GDP alone)
Trade at the seller's net gain aid is a gift, trade an exchange Lithuania +27.8% → +14.8%, Poland +8.1% → +4.1% (round 10)
One rule for every seller, × the genuinely extra share sales to Russia, to Ukraine and flowback on one scale Belarus −18.5% → −5.6% (round 13)
Aid from Kiel allocations, counted when delivered the most complete database; much military aid arrives years later US EUR 10.2bn, Germany 4.3bn not yet delivered
Donated weapons at market value the value to Ukraine, not the donor's book value bilateral military aid −14%
Loans at their gift to Ukraine a repaid loan is worth less than a grant; the war yield prices default official lenders did not carry EUR 96.5bn face → about 55bn
Refugees: spending minus the host's gain on refugees' work refugees' taxes are their own income Poland net +4.40% → +5.00% (round 24b)
Money flowing back is subtracted a donor's industry earns from aid spent at home the US earns back about EUR 2bn
War-time fuel prices count, against prices a no-war market expected the premium cost Russia nothing to produce; 2019–2021 prices would overstate it threefold Germany EUR 16.5bn toward Russia
The 2026 Hormuz spike is not a war windfall this war did not cause it 2026 no-war price = actual world price
Gas counted where it is burned transit countries do not pay for gas they pass on Germany, Slovakia, Bulgaria, Türkiye
Fuel from Russian crude charged to the final buyer the buyer's demand creates the sale; the refiner keeps its margin Nepal, Tanzania toward Russia
Re-exports count for the country that made the goods; Baltic transit taken out otherwise the hub looks like the supplier; final buyers already record transit goods Lithuania would be +45% of GDP
Seizures and forced exits not in the totals Russia took them; the country did not choose to move them Germany net +3.23% → +3.50% (round 14b)
Remittances only as a marker individuals' wages, not a country's choice Tajikistan −39.6% → −0.8% (round 13b)
Frozen reserves: the return Russia lost, a third to the host an EU decision; Belgium and Luxembourg carry the legal risk Belgium EUR 7.4bn
No data, no number no country is ranked on our guesses about it 74 economies; at most 0.2 points above EUR 5bn GDP
Numbers that are not very likely stay in the ranking, faded hiding them hides information 65% threshold is a judgement
Belarus and North Korea are parties to the war Russia attacked from Belarus; North Korean troops fought in Kursk shown, not ranked
No-war model uses actual 2022–2026 GDP and trade; ranges stay at the tested 90% a war-shrunk economy is not a choice; widening every range for rare shocks blurs more than it helps ranges cover 77–79% when Russia's own economy moves

How it works · Limitations · Changelog · Open in the map

Cite as: War Balance, figures to August 2026, https://warbalance.org/method/overview/