HILARITY ENSUED:

First, to many observers, it's simply shocking that the Russians have not been able to establish complete air superiority over Ukrainian air space. After three days of hostilities, Ukrainian pilots are still taking to the skies and Ukrainian anti-air batteries are still exacting a toll on Russian aircraft. The fact that the Russians have not been able to mount a dominant Suppression of Enemy Air Defenses (SEAD) campaign and yet are insistent on attempting contested air-assault operations is, simply put, astounding. It's also been extremely costly for the Russians.

To compound that problem, the Russians have undertaken operations on multiple avenues of advance, which, at least in the early stages of this campaign, are not able to mutually support each other. Until they get much closer to the capital, the Russian units moving north out of Crimea are not able to help the Russian armored columns advancing on Kyiv. The troops pushing towards Kyiv from Belarus aren't able to affect the Ukrainians defending the Donbas in the east. As the Russians move deeper into Ukraine, this can and will change, but it unquestionably made the opening stages of their operations more difficult.

Third, the Russians -- possibly out of hubris -- do not appear to have prepared the logistical train necessary to keep some of their units in action for an extended period of time. Multiple videos have emerged of Russian columns out of gas and stuck on Ukrainian roads.

The Kremlin's February 24 invasion -- and expectations of severe sanctions response by the West -- drove economists to slash their economic growth forecasts for Russia. The developments also pushed investors to dump their Russian stock and bonds, triggering the biggest one-day stock market decline in the nation's history and sending the ruble to a record low.

As U.S. President Joe Biden warned that Putin was turning his country into a "pariah" state, international organizations canceled major sporting events scheduled to be held in Russia this year, a possible sign of the economic isolation that lays ahead.

Foreign companies could pull out of Russia amid greater country risk, further hurting the economy's competitiveness and modernization, economists said. U.K. oil giant BP is now under greater pressure to exit its investment in Russian state oil giant Rosneft.

The sanctions largely target state-owned banks and enterprises that Putin has relied on over the years to enhance his power and strengthen the armed forces. Nonetheless, Russians' living standards will inevitably be collateral damage as the targeted sanctions take effect, economists said.

"The bottom line is that these sanctions will have a significant impact on Russia's overall economy, and average Russians will feel the cost," the International Institute of Finance said in a statement on February 24.

Tweet   @brothersjudd