Russia has destroyed $100 billion worth of Ukrainian assets since it invaded
By Mehr Ali / in Europe, World / on Sunday, 13 Mar 2022
The top economic adviser to the Ukrainian government called on Thursday for a full, global embargo on Russian oil and gas, describing the payments for Russia’s energy products as “blood money.”
The adviser, Oleg Ustenko, made the plea as he outlined the steep economic costs that Russia’s invasion is having on Ukraine’s economy as the country faces relentless bombardment. He estimated that $100 billion worth of Ukrainian assets have been lost and destroyed so far.
The country’s business sector has been crippled, Mr. Ustenko said, with 50 percent of businesses not operating and those that are running at less than full capacity. He added that Ukraine’s financial system and the currency remained stable, given the circumstances.
The cost of building that Ukraine will face when it emerges from the war will be vast, Mr. Ustenko said.
The International Monetary Fund’s executive board approved $1.4 billion of emergency financing for Ukraine on Wednesday. The World Bank is also working to deploy a $500 million supplemental loan to help support Ukraine’s economy. And in the United States, the House approved $13.6 billion in emergency aid for Ukraine on Wednesday.
Mr. Ustenko said that beyond military support, Ukrainians will need aid for food, clothing, and other basic needs.
AUTHOR
Mehr Ali is a journalist, photographer, and football player.
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