Estimated losses of Ukraine from the temporary occupation of Crimea by Russia are currently about $118 billion, Ukrainian Prime Minister Denys Shmyhal has said.

"Eight years have passed since the occupation of Crimea. During this time, Russia has turned the peninsula into a huge military base. At the moment, Ukraine's estimated losses from the temporary occupation of Crimea are about $118 billion," Shmyhal said at the second Crimea Platform summit on Tuesday.