Ukraine's War Damages Amounts to $100 Billion

Oleg Ustenko, economic adviser to the Ukrainian president said that the damage caused by the war in Ukraine so far is estimated at about $100 billion, according to preliminary assessments.

"Initial assessments we have done show that the value of the assets we have lost is about $100 billion," Ustenko said in an online interview with the Peterson Institute for International Economics.

He stated that the Ukrainian financial system was working well "given the current conditions", noting the "fairly stable exchange rate".

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He stated that "about 50 percent of the companies are no longer working, and those that did not stop are not working at their full capacity," noting that "the situation with regard to economic growth will be very depressing, even if the war stops now."

He renewed his call for governments, especially European ones, to boycott Russian oil and gas, and said, "I can assure you that the weather is much colder in Ukrainian shelters where people are hiding," referring to Berlin's reservations about such a move in order to avoid hitting the heating sector in Germany.