Minister: Ukraine Has Lost Between $50-$150 Billion from Russian Aggression

The total residual value of state property in Crimea and Donbas lost due to the Russian occupation and military aggression amounts to 85 billion hryvnia


Photo from Ukrinform – UATV


On the day of the Normandy Four summit in Paris, Minister of Economic Development, Trade, and Agriculture of Ukraine Tymofiy Milovanov stated estimates of Ukraine’s losses from Russian aggression that amount from $50 to $150 billion.

Direct losses to Ukraine’s economy caused by the Russian aggression in 2014-2015 made up about 15-20% of GDP. This brings losses to an estimated $50 billion to $150 billion, Minister for Development of Economy, Trade and Agriculture Tymofiy Mylovanov wrote on Facebook.

In addition to the losses incurred from the GDP drop, the total value of state property in illegally annexed Crimea and the occupied parts of Donbas, amounts to ₴85 billion, about $3.4 billion.

57,700 objects of immovable state property with a value totaling ₴46 billion, about $2 billion, were registered in Crimea. In the Donetsk region, there are almost 120,000 such objects, with a value totaling ₴33 billion, about $1.3 billion, and almost 70,000 objects with a value totaling ₴23 billion, about $1 billion, in the Luhansk region.

These objects include such items as state owned land and various government buildings among other objects.

The minister also said that according to the estimates of the State Property Fund, about 70% of the total state assets in Donetsk and Luhansk regions are located in areas currently not under Ukrainian government control.

Source UATV
date 09.12.2019
categories Economics
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