11:44 09.12.2019

Losses of Ukraine's economy from Russia's aggression total $50-150 bln – Economy minister

2 min read
Losses of Ukraine's economy from Russia's aggression total $50-150 bln – Economy minister

Minister of Economic Development, Trade and Agriculture of Ukraine Tymofiy Mylovanov has published statistics about the losses of the Ukrainian economy from the aggression of the Russian Federation and the assessment of the residual value of immovable property belonged to the state located on the non-Ukrainian government controlled areas of Donbas and Crimea annexed by Russia.

"Direct losses in 2014-2015 amounted to 15-20% of GDP. According to estimates, total losses range from $50 to $150 billion (for example, [analyst at Atlantic Council] Anders Aslund gives an estimate of $100 billion)," Mylovanov wrote on his Facebook page on Monday.

He also said that the assessment of the residual value of real estate on non-Ukrainian government controlled areas – Crimea and certain areas of Donbas – is about UAH 85 billion.

The minister said that in the territory of the Autonomous Republic of Crimea and the city of Sevastopol 57,700 real estate facilities were registered with a residual value of UAH 46 billion; in Donetsk region almost 120,000 real estate facilities with a residual value of UAH 33 billion; in Luhansk region almost 70,000 real estate facilities with a residual value of UAH 23 billion.

"According to estimates of the State Property Fund, about 70% of state-owned assets in the territory of Donetsk and Luhansk regions are located in uncontrolled territories," Mylovanov added.

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