11 Mar 2022 18:21

Ukraine estimates direct damage to its economy at $119 bln, expects compensation from Russian reserves - Economy Ministry

KYIV. March 11 (Interfax-Ukraine) - Direct damage that the Russian operation has caused to infrastructure in Ukraine has reached $119 billion, and Ukrainian specialists are working to make sure that it is compensated from the Russian Central Bank's foreign exchange reserves, which have been frozen, Ukrainian First Deputy Economy Minister Denys Kudin said.

"After the presidential office named the figure of over $100 billion the other day, we have somewhat updated this figure, which is now $119 billion. Unfortunately, it's going to grow from day to day," Kudin said on Ukrainian television.

Cooperation with Western governments is among possible ways to have the damage compensated for and restore the infrastructure, Kudin said. "Western governments have already frozen the Russian Central Bank's gold and forex reserves in the amount of $415 billion. In fact, this sum is nearly enough to make up for these direct one-off losses," he said.

The Ukrainian Economy Ministry expects that a legal mechanism should be found shortly in collaboration with governments from partner countries to have this money transferred to Ukraine for its restoration, he said.