• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Ukraine losses against Russia could amount to $500bln: Kiev
Europe

Ukraine losses against Russia could amount to $500bln: Kiev

  • By Al Mayadeen Net
  • Source: Agencies
  • 15 Mar 2022 17:39
  • 3 Shares

Ukraine is losing nationalists, money, and territory to Russia despite the whole West weighing in on the crisis in support of Kiev.

  • Damage in the city of Brovary, outside Kiev on March 1, 2022 (AFP)
    Damage in the city of Brovary, outside Kiev on March 1, 2022 (AFP)

Losses due to the Russian special military operation in Ukraine could amount to some $500 billion, Ukrainian Finance Minister Serhii Marchenko said Tuesday.

He asserted that the negative consequences of the Ukraine crisis would be devastating for the country.

"Tens of areas where hostilities are taking place account for half of the GDP. The most important sections are Kharkov, Kiev, and Mariupol, which made a very significant contribution to the GDP," the Ukrainian minister told Forbes.

"Many supply chains are completely broken, many enterprises are physically destroyed, some are unable to work in war mode, many workers simply left," he added, highlighting the toll Russia's special military operation took on Ukraine.

According to Marchenko, the ministry of economy believed that the losses would cost Ukraine between a third to a half of its GDP. However, he also highlighted other estimates, which suggested that the losses would amount to a whopping $500 billion.

"It will be possible to calculate exactly only after the war," Marchenko added in an interview with Forbes.

On March 10, Volodymyr Zelensky's economic adviser, Oleksii Ustenko, estimated that assets worth $100 billion had been destroyed in Ukraine.

Russia had launched a special military operation for several reasons, such as NATO's eastward expansion, the Ukrainian shelling of Donbass, and the killing of the people of the Donetsk People's Republic and Lugansk People's Republic, in addition to Moscow wanting to "denazify" and demilitarize Ukraine.

Ukraine's estimations of losses come after US President Joe Biden authorized on Saturday a drawdown of up to $200 million for "defense articles" and military training to provide military assistance to Ukraine.

In January, a report published by Politico revealed that US President Joe Biden's administration "quietly authorized an additional $200 million in security assistance to Ukraine."

  • United States
  • Moscow
  • Ukraine crisis
  • Russia
  • Volodymyr Zelensky
  • Kiev
  • Ukraine
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Trending Now

All
Zelensky criticizes West for playing around Russia

Zelensky tells West: Stop playing around with Russia

Most Read

London posts job ad for mercenaries for Ukraine counteroffensive

London posts job ad for mercenaries for Ukraine's counteroffensive

  • Africa
  • 24 May
The Middle East Stabilises, Against the Backdrop of a Great Unravelling

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

  • Analysis
  • 28 May
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)

Top Israeli intelligence official dead in Italy: Israeli media

  • Europe
  • 29 May
The domestically produced C919 passenger jet flies at the China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong province, Peoeple's Republic of China, 8 November 2022. (Reuters)

China is set to launch first commercial flight on its C919 plane

  • Asia
  • 26 May

Read this

All
Chief of the Australian Defence Force Gen. Angus Campbell bites his lips while delivering the findings from the Inspector-General of the Australian Defence Force Afghanistan Inquiry, in Canberra, Thursday, Nov. 19, 2020. (AP)
Asia Pacific

Australian Defense bans drinking while deployed due to war crimes

  • 30 May
Elon Musk
Asia

Musk in China, Tesla to continue expanding business with Asian giant

  • 30 May
The US Treasury Building is viewed in Washington, US on May 4, 2021. (AP)
US & Canada

US issues new sanctions on Syria, targets two money service businesses

  • 30 May
Casualties in Ukraine strike on evacuee housing centers in Belgorod
Europe

Casualties in Ukraine strike on evacuee housing center in Belgorod

  • 30 May
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS