The Ukrainian government estimated Monday

the economic damages losses from the Russian invasion, which has been
underway for just over one month, at nearly $565 billion.

Economy Minister Yulia Svyrydenko said on Facebook that the $564.9-billion
(515.8-billion-euro) estimate includes immediate damage plus expected losses
in trade and economic activity.

“It should be noted that every day the numbers change and unfortunately they
are increasing,” said Svyrydenko, who is also a deputy prime minister.

Damage to public and private property — with Russian forces resorting to
fierce bombardments that have levelled some cities as their invasion, which
began February 24, has stalled — was the biggest element.

Svyrydenko said public infrastructure losses — including damaged roads,
railways and airports — totalled $119 billion, while damage to private
property including housing was up to $90.5 billion.

Damages and losses suffered by private firms was put at $80 billion.

Svyrydenko estimated gross domestic product in 2022 would be down by $112
billion, which would be a drop of more than 55 percent of Ukraine’s economic
activity last year.

Ukraine’s government will likely miss out on $48 billion in tax revenue, or
just about all of what it was expecting to take in this year.

Meanwhile, $54 billion in foreign direct investment will likely not
materialise.

Svyrydenko said Ukraine’s government would seek to confiscate Russian assets
seized in the country as compensation.

“Ukraine, despite all the obstacles, will seek to exact compensation payments
from the aggressor,” she said.