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Zelenskyy: Ukraine’s losses from Russian aggression total about $ 800 bn

November 8, 2024

By Ukraine

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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.

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