12:08 11.06.2018

Ukraine loses UAH 100 bln because of Russian aggression

2 min read
Ukraine loses UAH 100 bln because of Russian aggression

Ukraine has lost about $100 billion due to Russian aggression in Crimea and Donbas, according to a study by the U.S.-based Atlantic Council think tank. The study was conducted at Ukraine's Crisis Media Center.

"Ukraine has lost $100 billion because of Russian aggression in Crimea and in the east of the country. Crimea has been annexed by the Russian Federation. Russia has full legal responsibility for this part of the territory of Ukraine," the media center said on Saturday.

The study says that after the annexation of Crimea, Ukraine lost 1.4 million hectares of land, which is estimated at more than $1.8 billion. In addition, Ukrainian banks lost assets remaining in bank branches, from $1.7 to $1.9 billion. In addition, Russia also confiscated Krymenergo, which is estimated at $1 billion in losses.

Donbas infrastructure has been destroyed during the war. In their study, experts estimated losses from the war in Donbas at $9.5 billion.

"We are not talking about selling Crimea, for us, Crimea remains part of the territory of Ukraine. We are talking about protecting investors who illegally lost their rights in Crimea. It is obvious for us: the right to property belongs to Ukraine, and Russia simply usurped our right to regulate this question is our uncompromising position," Deputy Foreign Minister of Ukraine for European Integration Olena Zerkal said.

According to Yevhen Choliy, President of World Congress of Ukrainians, Ukrainians have several ways to get compensation for the damage. One way is a bilateral agreement on investments between Ukraine and Russia that was signed in 1998. This agreement stipulates that each party will encourage investors of the other party to invest in its territory and will allow such investments, respecting the legislation of the other party.

Yulia Klymenko, Vice-President of the Business Education Department of the Kyiv School of Economics, said it is important to motivate investors to return back after the territories are freed from occupation.

"Motivation will gradually decrease, and this issue should become part of the public discussion. Indirect losses will be much greater than the direct losses in the occupied territories." We must be prepared to calculate all the losses," she said.

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