As the invasion enters its fourth year, analysts are examining the health of Ukraine and Russia, and who will be the better prospect for investors once the conflict ends. The answers are not as predictable as one might think

As Ukrainians prepare to enter their fourth year dealing with the harsh daily realities of life during conflict with Russia, few will be musing on the comparative economic health of the warring nations. However, inflation figures released either side of the border showed the continued toll the conflict has had on citizens of both countries – with price rises running at 9.5% in Russia and 12% in Ukraine.

Three years on since Russia’s full-scale invasion of Ukraine, economists are examining the relative health of each country.