The total losses of the Roshen confectionary corporation, subcontractor companies and budgets of all levels from the ban on the supply of the corporation's products to Russia could total over UAH 1 billion by the end of the year (around $123 million), Roshen Director for Development Yevhen Vovchanovsky has said.

"By the end of the year Ukraine's losses could exceed UAH 1 billion. These are total losses: unpaid taxes, non-accrued wages and social fees. We should take into account the fact that the subcontracto companies will face losses, as they are our suppliers," he said at a press conference in Kyiv on Tuesday.

Vovchanovsky found it difficult to assess the direct losses of Roshen, as traditionally the peak season is in autumn-winter.

On July 29, the sanitary services banned the supply of products manufactured by the corporation Roshen, one of the largest manufacturers of confectionery products in Ukraine. Among the reasons for the ban were quality and safety concerns. The corporation denies the accusations.

The relevant agencies of Kazakhstan, Uzbekistan, Tajikistan, Kirgizstan and Moldova conducted checks of the corporation's products: they did not find any infringements.

Roshen operates confectionery factories in Kyiv, Vinnytsia, Mariupol and Kremenchuk, the Bershadmoloko dairy producer, and also confectionery facilities in Klaipeda, Lithuania and Lipetsk, Russia.

The company produces around 200 types of products. Its total annual production volume is up to 410,000 tonnes.