Ukraine is escalating its economic warfare against Russia by targeting major e-commerce players. Following strikes on Wildberries, drone attacks have now hit Ozon, causing its shares to plunge nearly 30% and highlighting the growing financial pressure on Russia’s wartime economy.
Kyiv aims to disrupt Russian supply chains and inflict further economic pain, while President Putin has warned of retaliation for strikes on economic targets.
Ukraine's drone campaign has expanded its focus beyond the Amazon-style retail giant Wildberries to target Ozon, another major e-commerce marketplace in Russia. This strategic move aims to exert further economic pressure on President Vladimir Putin's wartime economy by disrupting critical supply chains and logistics networks.
The repercussions were immediately felt in the financial markets, with Ozon shares plummeting nearly 30% on Monday. This significant drop underscores the growing economic impact of Ukraine's increasingly sophisticated attacks on Russia's retail sector.
Kyiv has stated that these attacks are designed to cripple Russian supply chains and inflict maximum financial strain on Putin's war effort. The Ukrainian Ministry of Defense declared, "Systematic strikes on storage centers holding dual-use goods are disrupting the enemy's logistics and negatively impacting Russia's economy as a whole." Following successful strikes on 15 of Wildberries' largest logistics hubs, Ozon is now in the crosshairs.
Putin Accuses Ukraine of Opening 'Pandora's Box'
Ukrainian President Volodymyr Zelenskyy has previously justified strikes on Wildberries warehouses, alleging their involvement in supplying Russian forces with drone components and other military equipment. In response, Russian President Vladimir Putin has condemned these actions, stating that Ukraine has opened "Pandora's box" with its strikes on economic targets and vowing retaliation against Ukraine's "most sensitive economic sectors."
Ozon, founded in 1998, has become a dominant force in Russia's e-commerce landscape. The combined revenue of the top three Russian online retailers—Wildberries, Ozon, and Yandex Market—reached an impressive approximately $140.3 billion by the end of last year, representing over 5% of Russia's GDP. This vast economic footprint makes these companies increasingly vulnerable targets for Ukraine's economic warfare strategy.
Despite facing significant international sanctions, Russia's economy has shown resilience throughout the four-and-a-half years of full-scale war. However, analysts suggest that underlying weaknesses are becoming more apparent, particularly concerning the Kremlin's heavy reliance on military spending, increased taxation, and subsidized bank lending.
