Conflict with Russia has cost Ukrainian economy $280 billion since 2014 – CEBR

12 February, 05:08 AM
The conflict in the Donbas costs the Ukrainian economy $14.6 billion every year. (Photo:General Headquarters of the Armed Forces of Ukraine via Facebook)

The conflict in the Donbas costs the Ukrainian economy $14.6 billion every year. (Photo:General Headquarters of the Armed Forces of Ukraine via Facebook)

The military conflict with Russia and the Russian occupation of Crimea cost the Ukrainian economy some $280 billion from 2014 to 2020, and the conflict has a $40 billion annual price tag, according to a new report by UK-based Center for Economics and Business Research (CEBR).

Thus, according to CEBR experts, the annexation of Crimea in 2014 has resulted in losses of up to $8.3 billion annually for Ukraine, while the ongoing conflict in the Donbas is costing the Ukrainian economy up to $14.6 billion a year. Total losses from these two occupations, since 2014, amount to $102 billion.

Видео дня

CEBR says the conflict had a significant impact on the Ukrainian economy, including by reducing investor confidence in the country. This, in turn, led to a loss of $72 billion – $10.3 billion annually.

The steady decline in exports resulted in total losses for Ukraine of up to $162 billion between 2014 and 2020.

The total loss of fixed assets for Ukraine in Crimea and Donbas from the destruction or damage of assets amount to $117 billion. The total amount of foregone tax revenues to the budget of Ukraine for the period from 2014 to 2020 is $48.5 billion.

The center predicts that losses will increase due to the recent escalation of the conflict.

Follow us on Twitter, Facebook and Google News

Show more news
X