New Delhi, Aug. 25 -- The fire at the Ozon warehouse in Makhachkala was still burning when the Moscow Exchange opened on Monday morning. By noon, shares in Russia's second-largest online retailer had fallen 28 percent, a loss that stripped hundreds of millions of dollars from the company's market value in a single session. The strike in the Dagestan capital was one of five Ozon logistics facilities hit by Ukrainian drones across three nights, completing a campaign that Ukraine's Defense Ministry framed as the opening of a new economic front.

a phrase that reframes drone warfare as economic coercion rather than military targeting.

The campaign hit roughly 233,000 square meters of warehouse space, about 6 percent of Ozon's total logistics...