Zelenskyy: Ukraine’s losses from Russian aggression total about $ 800 bn
Zelenskyy has revealed that Ukraine now needs the $300 billion in frozen Russian assets to purchase weapons and rebuild homes destroyed by the war.
Ukraine’s losses from the Russian aggression have reached around $800 billion, President Volodymyr Zelenskyy said at a press conference following the European Political Community summit in Budapest.
According to the Kyiv School of Economics (KSE), as of July 2024, Ukraine’s economy had suffered indirect financial losses as a result of Russia’s full-scale invasion, exceeding $ 1.1 trillion.
Zelenskyy said that Ukraine now needs frozen assets to purchase weapons and build housing for people who have lost their homes due to the war.
Zleenskyy said, according to Ukrinform, that there are $300 billion in frozen Russian assets.
He also noted that the funds Russia is earning from its “shadow fleet” are “many times greater” than the aid Ukraine has received from all its allies.
Zleenskyy said that the Russian shadow fleet is sailing in the waters of the European Union countries and NATO countries, earning $11-12 billion a month, and asked them to compare these funds with the aid Ukraine has received.
“We are grateful for everything, without any complaints. But only the Russian shadow fleet, which has not been sanctioned, has earned more in almost three years of war than all the aid the whole world has provided to Ukraine in this war,” the president said.
On 22 October, the European Parliament approved €35 billion ($38 bn) in aid for Ukraine, which will be reimbursed from the profits of frozen Russian assets.
According to Zelenskyy, €211 billion ($228 bn) in Russian assets have been frozen in Europe, with the majority held in Belgium and managed by the Euroclear clearing organization, which generated $3 billion in profits from these funds in 2023 alone.
Brussels estimates that the frozen assets could generate up to $50 billion in profits over the next 45 years.
Read also:
- Ukraine’s Foreign Ministry: First call between Zelenskyy and Trump signals ongoing US-Ukraine partnership
- Zelenskyy congratulates Trump on “historic landslide” US presidential victory in “excellent” phone call
- Zelenskyy to meet all European leaders in Budapest just after Trump’s win
You could close this page. Or you could join our community and help us produce more materials like this.
We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society.
A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support.
