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Several underlying reasons could explain why Russia might engage in such a financing strategy for the war. Primarily, the need for funding has become more pressing as military expenditures grow. The Kremlin might view this as a manageable risk, considering the banking sector holds significant capital.
One subtle motivation behind this strategy is signaling strength to the Western coalition. The argument posits that if Russia can sustain its military operations while allocating only a modest percentage of its GDP to defense, it may project an image of strength and capability to the West. This aspect demonstrates the importance of perception in global conflict dynamics.