Ukrainian economic adviser says war damage tops $100 bn so far

14 Mar 2022 CW Team

On Thursday, top Ukrainian government economic adviser to Ukrainian President Volodymyr Zelenskiy, Oleg Ustenko told the media that the invasion of Russian forces has destroyed infrastructure, buildings, and other physical assets worth a minimum of $100 billion.

Chief economic adviser Ustenko in an online event by the Peterson Institute for International Economics said that the war has caused 50% of Ukrainian businesses to shut down entirely, when the other half is conducting operations at well below their capacity.

He said the estimated damage is "very approximate" which includes hospitals, bridges, equipment, roads, and other assets.

While addressing how the reconstruction effort is going to be financed, he told the media that part of it can come from Russian assets frozen throughout the world which includes Russian central bank assets that are held outside the country while being immobilised by Western sanctions. The seized assets belonging to Russian oligarchs can also be transferred to a reconstruction fund.

He said that the financial reserves of Ukraine are around $27.5 billion, which was around $30 billion before the invasion.

Despite the pressure on the hryvnia currency, Ukrainians can access cash via ATMs and supermarket cashiers in areas not occupied by Russian forces without the long lines seen in the initial two days of the war, credit cards, and other electronic payment systems are functioning normally.

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