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Even in modern combat horses are still used. There was a book written about US Special Forces soldiers in Afghanistan who relied heavily on horses in combat. The book is called Horse Soldiers.
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While not military, but the police in Malmö, Sweden performed several cavalry charges in 2014.Polisens kavallerichock får hård kritik video
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One of the last significant cavalry charges was the Charge of the Savoia Cavalleria at Izbushensky August 24, 1942 when the Italian Reggimento "Savoia Cavalleria" (3°) performed a charge against the Soviet 812th Rifle Regiment near Избушенский (Izbushensky).
In the early morning, Italian scouts discovered Soviet troops preparing a surprise attack. With surprise spoiled, the Soviets attacked the encamped Italians. Colonel Alessandro, commanding the regiment, ordered a cavalry charge with saber and grenade as a last resort. 2nd squadron (100 hors*m*n) used a gorge to outflank the Soviets and began storming along the entrenched infantry line.
2nd squadron took heavy casualties. Rather than breaking, the Soviets would shelter in their holes until the cavalry passed, then get up to fire into their backs. Alessandro ordered 4th squadron to dismount and launch a frontal attack while 2nd squadron regrouped behind the Soviets for another charge. 3rd squadron then charged in the open taking awful casualties.
The regiment lost over 100 horses, but the charge relieved pressure and delayed the Soviets by 24 hours.
This was pointed out by The Armchair Historian in his video Times Italy WAS Effective in WWII, though I think his statement of 1050 Soviet casualties are overblown.
Upvote:10
There was a number of minor fight incidents, involving cavalry units during WW2, see here or here. However cavalry was used as a mean of transportation, or as a mounted infantry.
The last significant battle where cavalry used as a separate combat arms seems to be battle of Komarow in August 1920, during Polish-Soviet war.