Russian attacks on Ukrainian businesses could deprive budget of US$1.5bn, PM says

At least UAH 70 billion (US$1.5 billion) in tax revenues could fail to reach the Ukrainian state budget due to Russian attacks on businesses.

Source: Ukraine's Prime Minister Serhii Koretskyi during the Yalta European Strategy (YES) meeting

Quote: "About UAH 70 billion in tax revenues could fail to reach the budget due to Russian attacks on businesses. This is an estimate as of the beginning of September. The strikes are continuing every day, and this figure could increase."

Details: Koretskyi stressed that the government is taking a number of support measures.

Quote: "We have conducted a full audit of the premises of the State Property Fund, state-owned companies and ministries, and are offering businesses these warehouse and production facilities.

We are preparing to decentralise logistics following the example of the energy sector. We have a plan with retailers and logistics companies for its implementation. We are negotiating with neighbouring countries on a flexible, rapid border-crossing system."

Details: The government also plans to allocate a separate budget item for war-risk insurance, preliminarily amounting to US$1 billion, and expects "international partners to multiply this amount".

"The goal is to create a reserve that will cover 40-50% of losses from attacks. The key is to have the procedure as simple as possible and the response as rapid as possible," Koretskyi added.

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