Ukraine's financial losses from war exceeded $1 trillion
Ukraine's losses from the war exceeded $1 trillion (Vitalii Nosach, RBC-Ukraine)
Since the onset of Russia's full-scale invasion, the total sum of indirect losses incurred by Ukraine is estimated at $1.164 trillion in revenue. The losses in added value amount to $385 billion, nearly double Ukraine's GDP in 2021, citing research from the Kyiv School of Economics (KSE).
Compared to the previous report published a year ago, this indicates that revenue losses have increased more than threefold.
This rise is attributed to both the expansion of the list of affected entities and an increase in the assessment period (from 34 to 46 months).
The report covers the period from February 2022 to June 2024 (actual losses) and the period up to the end of 2025 (18 months from the data collection date). The distinction between actual and forecasted losses is conditional, as the most recent financial data for companies is only available for 2023.
Losses by economic sectors
In terms of revenue, the largest sums of indirect losses are in productive sectors. These include trade ($450.5 billion), industry combined with construction and services ($410 billion), and agriculture ($83.1 billion). Additionally, significant losses have been suffered by key infrastructure sectors—energy and transportation—amounting to $43.1 billion and $38.8 billion, respectively.
Regarding additional expenses, the largest groups are demining and the housing sector ($42 billion and $22 billion, respectively). In the housing sector, this mainly concerns the additional costs borne by citizens for renting accommodations, which we account for in the losses, although technically this represents a redistribution of income among Ukrainian citizens.
Furthermore, state expenditures on social benefits have increased significantly and will continue to grow (by $10 billion). Across all sectors, the costs for the demolition of destroyed facilities and waste removal total $13.4 billion.
According to estimates by the World Bank, as of the end of 2023, the total economic, social, and other monetary losses of Ukraine due to the war amount to $499 billion.
