Cebr finds that Ukraine would have had up to US$63.3 billion more to spend on non-military activities over that period had the conflict not occurred. Combined with an estimated additional military spend of up to US$14.9 billion between 20, which would not otherwise have been necessary. Ukraine’s public sector finances have also suffered, with lost tax revenues amounting to up to US$48.5 billion cumulatively between 20. The cumulative capital losses in Crimea and Donbas from assets lost or damaged are worth US$117 billion to Ukraine. It has reduced investor confidence in Ukraine’s economy, which in turn has led to a loss of US$72 billion of investment or up to US$10.3 billion annually, while an ongoing downward push on the country’s exports has resulted in total losses of up to US$162 billion from 2014 – 2020.
The report, the most up to date and authoritative study of its kind, confirms that the ongoing conflict has had a substantial impact on Ukraine’s economy.
The 2014 annexation of Crimea alone is costing Ukraine up to $8.3 billion in annual terms. The conflict, which effectively started in 2013 with severe political and economic pressure on Ukraine around its EU Association Agreement, has been costing Ukraine annually 19.9% of its pre-conflict GDP since 2014, with the impact in Donbas, where there is an ongoing conflict, amounting to US$102 billion cumulatively, or up to US$14.6 billion a year.
The conflict with Russia has cost Ukraine US$280 billion between 20 according to report by Cebr
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