• Products
  • Insights
  • Practice Management
  • Resources
  • About Us

Now that the Russian offensive has begun in full, what can we expect? As we’ve already seen, Russia has employed the broad use of artillery, missile strikes, and airstrikes to prepare the battlefield for a heavy armored advance. Russian doctrine aims to achieve breakthroughs that can be exploited as they seek the collapse of the Ukrainian defense and move rapidly across the Donbas region. Speed and mass remain key tenets of Russian military doctrine.


Questions Remain

Can Russia generate sufficient forces to sustain this operation? Russia appears to have gathered 40 to 50 battalion tactical groups for the offensive and has added to the forces already arrayed in the Donbas. They have sustained significant casualties during the first seven weeks of this war that could total more than 10,000 killed in action. Consequently, Russia has sought to recruit from Syria and elsewhere to augment its forces.


Shifting Terrain…and Weather

Both terrain and weather changes will play a significant role in this offensive as Russian strategy shifts from the metropolitan areas. The Donbas region is flatter and more open than northern Ukraine and the area surrounding Kyiv. This may afford the Russians an opportunity to maneuver their armored forces to greater advantage. Still, it’s important to remember that this region has experienced significant combat since the 2014 Russian invasion.

Ukrainian forces know this terrain well, and there are many areas where the road networks have been destroyed, mines have been positioned, and bridges prepared for destruction. Spring weather could leave the ground soft, making a significant portion of the terrain marshy, which could impede the movement of Russian armored forces.


Brutally Bouncing Back?

Russia has also appointed a single commander, General Aleksandr Dvornikov, to oversee their operation. Their initial offensive, with multiple avenues of advance, was poorly coordinated and lacked sufficient logistical support to sustain the effort. It’s unclear whether these tactical problems have been solved or if they are systematic issues.

Dvornikov is known as the “butcher of Aleppo” due to his brutal leadership in the 2015 Syrian assaults that targeted the civilian population. Many believe this resulted in more than 50,000 civilian fatalities and that similar tactics may be used during this offensive.


Building (or Burning) Bridges

Russia has its sights set on capturing Mariupol and securing the land bridge connecting Russia with Crimea. This could occur in the next few days and would be a significant success for Russia after many setbacks (including the Russian retreat from around Kyiv and the loss of Russia’s Moskva warship). Should the ongoing offensive be successful, we could see the Russians renew their attack on Kyiv as well as attempt to capture Odessa and, consequently, turn Ukraine into a landlocked country.


Bracing for a Massive and Decisive Assault

Ukraine has expected this offensive to begin for some time and been preparing for it: They are seeking to control their airspace and leveraging enhanced air defense capabilities. We’ve witnessed a reduction in Russian air attacks, but it’s unclear if the reduction is temporary or a reflection of growing Russian concern over Ukrainian capabilities.

Additionally, Ukraine continues to create mobile reserves that can be used to combat attacks and potential breakthroughs. They’ve also been preparing defenses (mines and obstacles) to guide the Russian advance, so they can employ anti-tank weapon systems.


Seeking Western Support

Ukraine has sought out additional military support from the West, which has been forthcoming and includes over $800 million of military aid from the US. Whether or not this Western support will be sufficient remains to be seen.

President Joe Biden is set to announce an additional aid package this week as lawmakers return from a multi-week recess period. While there’s no final price tag on the package, White House officials along with the State Department and Pentagon are hard at work framing it out. The last Ukraine aid package was nearly $14 billion.


The Ukrainian government says it needs $7 billion per month in aid to help stave off Russian attacks and prop up its faltering economy. 


The Ukrainian government says it needs $7 billion per month in aid to help stave off Russian attacks and prop up its faltering economy.

The real question on Capitol Hill is how this legislation will get through Congress. Questions remain as to whether Democrat leadership may try to tie the Ukrainian aid package to additional COVID-19 funding, which remains a politically toxic issue and led to a stalled effort before the Easter recess. There’s clearly broad bipartisan, bicameral support for Ukraine assistance, but the path forward remains complicated.


War—A Test of Willpower

Russian forces have suffered significant casualties, and it’s unclear if they can be re-armed, re-equipped, re-manned, and motivated for renewed combat. Military casualties on the Ukrainian side of the conflict have been harder to gauge, but the resolve and resilience of the Ukrainian army and its people have been steadfast. In the next few days and weeks, we may witness a decisive period of this war and armored warfare that hasn’t occurred since World War II.


Talk to your financial professional to make sure your portfolio is prepared for whatever happens in Washington D.C. 

The views and opinions expressed herein are those of the author, who is not affiliated with Hartford Funds. Hedgeye Potomac Research is not an affiliate or subsidiary of Hartford Funds.

POLWP004 228759

About The Authors
Author Headshot
Senior Policy Analyst, Hedgeye Potomac Research

The material on this site is for informational and educational purposes only. The material should not be considered tax or legal advice and is not to be relied on as a forecast. The material is also not a recommendation or advice regarding any particular security, strategy or product. Hartford Funds does not represent that any products or strategies discussed are appropriate for any particular investor so investors should seek their own professional advice before investing. Hartford Funds does not serve as a fiduciary. Content is current as of the publication date or date indicated, and may be superseded by subsequent market and economic conditions.

Investing involves risk, including the possible loss of principal. Investors should carefully consider a fund's investment objectives, risks, charges and expenses. This and other important information is contained in the mutual fund, or ETF summary prospectus and/or prospectus, which can be obtained from a financial professional and should be read carefully before investing.

Mutual funds are distributed by Hartford Funds Distributors, LLC (HFD), Member FINRA|SIPC. ETFs are distributed by ALPS Distributors, Inc. (ALPS). Advisory services may be provided by Hartford Funds Management Company, LLC (HFMC) or its wholly owned subsidiary, Lattice Strategies LLC (Lattice). Certain funds are sub-advised by Wellington Management Company LLP and/or Schroder Investment Management North America Inc (SIMNA). Schroder Investment Management North America Ltd. (SIMNA Ltd) serves as a secondary sub-adviser to certain funds. HFMC, Lattice, Wellington Management, SIMNA, and SIMNA Ltd. are all SEC registered investment advisers. Hartford Funds refers to HFD, Lattice, and HFMC, which are not affiliated with any sub-adviser or ALPS. The funds and other products referred to on this Site may be offered and sold only to persons in the United States and its territories.

© Copyright 2022 Hartford Funds Management Group, Inc. All Rights Reserved. Not FDIC Insured | No Bank Guarantee | May Lose Value