Russian Invasion Has Cost Ukraine $565B: Ukraine’s Deputy PM

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  • 04:47 AM, March 29, 2022
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Russian Invasion Has Cost Ukraine $565B: Ukraine’s Deputy PM
Ukrainian cities before and after Russian invasion. @Visicom Data on FB

Ukraine’s Deputy Prime Minister and Economy Minister Yulia Svyrydenko estimates Russia’s invasion to have inflicted nearly $565 billion of economic damage on her country.

In a Facebook post, Svyrydenko said the $564.9 billion (€515.8 billion) estimate includes immediate damage plus expected losses in trade and economic activity.

"It should be noted that every day the numbers change and unfortunately they are increasing," she added.

Damage to public and private property was the biggest element with Russia’s fierce bombardment leveling some major Ukrainian cities. The invasion began a little more than a month ago, on February 24.

Svyrydenko said public infrastructure losses, including damaged roads, railways and airports, totaled $119 billion, while damage to private property including housing was up to $90.5 billion. Damages and losses suffered by private firms was put at $80 billion.

Svyrydenko estimated GDP in 2022 would be down by $112 billion, which would be a drop of more than 55% of Ukraine's economic activity from last year.

Ukraine's government will also likely miss out on $48 billion in tax revenue, or just about all of what it was expecting to take in this year.

Meanwhile, $54 billion in foreign direct investment will likely not materialize.

She added that Ukraine's government would seek to confiscate Russian assets seized in the country as compensation.

"Ukraine, despite all the obstacles, will seek to exact compensation payments from the aggressor," she said.

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