Ukraine's economic losses over Russian aggression stand at US$50-150 bln – economy minister

Ukrainian Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov has said Ukraine's economic losses amounted to US$50-$150 billion due to Russian Aggression.

"Direct losses amounted to 15-20% of GDP in 2014-2015. According to estimates, the total losses range from US$50 to US$150 billion," he wrote on Facebook, adding the estimated residual value of real estate in uncontrolled territories (Crimea and Donbas) was about UAH 85 billion (US$3.5 billion).

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He said 57,700 objects of real estate with a residual value of UAH 46 billion (US$1.9 billion) were registered in Crimea and Sevastopol.

In addition, almost 120,000 objects of real estate with a residual value of UAH 33 billion (US$1.3 billion) are registered in Donetsk region, as well as almost 70,000 objects of real estate with a residual value of UAH 23 billion (US$973.7 million) are registered in Luhansk region.

Mylovanov says that, according to estimates of the State Property Fund, about 70% of state assets in the territory of Donetsk and Luhansk regions are located in territories beyond government control.

As UNIAN reported earlier, in March 2019, Ukraine initiated the creation of a special group to assess the damage from Russian aggression in Crimea and Donbas and determine appropriate compensation in the framework of the International Organization of Supreme Audit Institutions (INTOSAI).

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According to Chairman of the Accounting Chamber of Ukraine Valeriy Patskan, the military conflict in eastern Ukraine and Russia's annexation of Crimea are the biggest challenges for Ukrainian citizens.

In 2014, in parallel with military aggression against Ukraine, the Russian Federation launched a trade and economic war, introducing an embargo on a number of sensitive goods of Ukrainian export. Ukraine has retaliated. Since 2014, Russia's share in Ukrainian exports has declined to 9% from almost 30%.