Ukraine will seek compensation of £431.5BILLION from RussiaMarch 28, 2022
Ukrainian government say they will be seeking compensation of £431.5BILLION (and counting) from Russia for damage it has done to the country during the devastating invasion
- Yuliya Sviridenko said $564.9billion worth of damage has been dealt by Russia
- Sviridenko is Ukraine’s deputy prime minister and minister for finance
- She said Russia should be made to pay for the rebuilding of Ukraine after the war
- This echoes sentiments expressed earlier this month by Zelensky and the governor of Ukraine’s national bank
The Ukrainian government has estimated the total cost of damage of the Russian invasion now stands at over £430billion and declared it will seek reparations in the aftermath of the war.
Ukraine’s deputy prime minister Yuliya Sviridenko declared today that an estimated $564.9billion (£431.5billion) worth of damage had been inflicted since Russian troops rolled across the border on February 24.
In a stunning Facebook post, Sviridenko, who is also Ukraine’s minister of economic development and trade, said the damage to her nation’s infrastructure alone totalled $119bn (almost £91bn), even before the financial impact of the war on Ukraine’s economy, trade and foreign investment had been calculated.
She went on to declare ‘the numbers are growing every day’ and that ‘Ukraine will seek reparations from the aggressor despite all the obstacles’.
Her promise to collect reparations comes after President Volodymyr Zelensky and the governor of Ukraine’s national bank said their country ‘should be rebuilt with Russian money’ earlier this month.
Ukraine’s deputy prime minister Yuliya Sviridenko declared today that an estimated $564.9billion (£431.5billion) worth of damage had been inflicted since Russian troops rolled across the border on February 24
In a stunning Facebook post, Sviridenko, who is also Ukraine’s minister of economic development and trade, said the damage to her nation’s infrastructure alone totalled $119bn (almost £91bn) – damage in Mariupol pictured
Sviridenko said ‘the numbers are growing every day’ and that ‘Ukraine will seek reparations from the aggressor despite all the obstacles’ (damage in Mariupol pictured)
The Deputy Prime Minister’s promise to collect reparations comes after President Volodymyr Zelensky (pictured) and the governor of Ukraine’s national bank said their country ‘should be rebuilt with Russian money’ earlier this month
Financial impact of Russian invasion in Ukraine
Sviridenko provided the following list of damages caused by Russia’s invasion, along with the Ukrainian government’s estimation of the financial impact of the damages.
- 119 billion US dollars – loss of infrastructure (including almost 8,000km of destroyed roads, dozens of railway stations, airports)
- 112 billion US dollars – loss of GDP in 2022
- 90.5 billion US dollars – loss of civilian population (10 million square metres of housing, 200,000 cars, food supply for 5 million people)
- 80 billion US dollars – losses of businesses and organisations
- 54 billion US dollars – loss of direct investment in the Ukrainian economy
- 48 billion US dollars – losses of the state budget
‘$564.9 billion. This is the sum of the losses that Ukraine has suffered since the Russian invasion,’ Sviridenko announced today via her official Facebook page.
‘There are at least two methods for calculating the losses. The first is from direct destruction; the second is the calculation of losses from the overall impact of hostilities, including the deteriorating economic situation in our country, rising unemployment, blocking trade, declining consumer demand and more.
The finance minister went on to reel off a list of eye-watering sums she said were the estimated financial losses inflicted on Ukraine by Russia’s invasion, before adding: ‘It is worth noting that every day the numbers change and, unfortunately, they are growing.
‘That is why Ukraine, despite all obstacles, will seek compensation from the aggressor. Both by court decisions and by transferring to our state frozen assets of Russia.
‘Evil will inevitably be punished and Russia will feel the full weight of its own criminal actions on the territory of Ukraine,’ Sviridenko promised.
Many Ukrainian cities have suffered indiscriminate Russian bombing campaigns, but the southern port city of Mariupol has been utterly devastated by constant Russian missile attacks and airstrikes for almost a month.
On March 3, President Zelensky vowed that Ukraine will be rebuilt with Russian money, but the scale of the damage dealt to Mariupol and other cities since then is difficult to comprehend.
Mariupol’s mayor Vadym Boichenko said this morning that the situation is so dire that the port city must be completely evacuated.
Boichenko said 160,000 civilians trapped in the city are encircled by Russian forces, with ever-dwindling supplies of food, water and medicine, while hundreds of citizens have already perished.
Ukraine’s Ministry of Foreign Affairs meanwhile said Russian troops are ‘turning the city into dust’, describing the situation in Mariupol as ‘catastrophic’ with people fighting to survive.
The governor of Ukraine’s national bank, Kyrylo Shevchenko, also shares Zelensky and Sviridenko’s sentiment that Russia should be made to pay reparations to Ukraine in the aftermath of the conflict.
In an interview earlier this month with the BBC, Shevchenko said some of the money for rebuilding could be supplied through multinational grants and foreign investment, but insisted that Russia should be forced to pay for the bulk of it.
Russia is though to have hundreds of billions of dollars’ worth of funds stashed overseas which have been subject to US and EU economic sanctions as punishment for its invasion of Ukraine.
Schevchenko suggested these frozen funds could be funnelled towards the effort to rebuild Ukraine after the war.
‘The need for money will be huge,’ he told the BBC. ‘It could be fulfilled through loans and grants from multinational organisations and direct help from other countries.
‘However a large share of financing is needed to be obtained as a reparation from the aggressor, including funds that are currently frozen in our allied countries.’
Source: Read Full Article