Ukraine loses at least $80 billion since Russia takes Crimea

Source: Reuters

(Reuters) - Ukraine has lost at least $80 billion since Russia annexed its southern Crimea region and the price tag will be much higher when Kiev includes lost profits and the value of possible energy reserves in the Black Sea.

Justice Minister Pavlo Petrenko said Kiev would press its case against Russia at the European Court of Human Rights and could take individuals to court for military crimes and those against its territorial integrity.

"Any state property located on the territory of Crimea is the property of Ukraine and Russia bears the full liability for the losses incurred by state companies, ministries and departments," Petrenko told a news conference.

"Today the amount of such losses is 950 billion hryvnias. These losses do not include lost profits and the value of minerals."

Read more: http://www.reuters.com/article/2014/04/28/us-urkaine-crisis-crimea-idUSBREA3R0X320140428

---

Odd considering :

Despite the pebble beaches and cliff-hanging castles that made Crimea famous as a Soviet resort hub, the Black Sea peninsula has long been a corruption-riddled economic backwater.

As part of Ukraine, about 40 per cent of Crimea’s annual budget of roughly $500 million was propped up by subsidies from Kiev. Russia would be expected to at least match — and probably far exceed — the Ukrainian annual contribution to raise living standards in its new territory.

http://www.thestar.com/business/economy/2014/03/19/russia_confronts_the_cost_of_annexing_crimea.html