Ukraine Loses at Least $80 Billion Since Russia Takes Crimea

Posted by Michelle Howard
Monday, April 28, 2014

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."



Analysts estimate the value of such energy reserves, seen at 165.3 billion cubic metres of gas and 44 million tonnes of oil, at around $800 million to $1.2 billion.



Ukraine, where a failing economy has been further weakened by months of upheaval, desperately needs to boost revenues and hopes to stave off bankruptcy by securing an aid package from the International Monetary Fund.
 


Petrenko said Ukraine's National Security and Defence Council backed proposed legal moves to challenge Russia's annexation of Crimea last month, which plunged relations between East and West to lows not seen since the Cold War.



Washington imposed a third round of sanctions on powerful Russians and businesses on Monday over Crimea and a build-up of Russian troops on the border with eastern Ukraine. The European Union is also expected to announce new penalties.
 


But such measures have done nothing so far to deter Russian President Vladimir Putin, who argues that the Crimean people voted to join Russia in a referendum the West called a sham. Moscow has said sanctions are counterproductive and pointless.

 

Ukraine supports sanctions but also wants to start legal procedures against Russia and Russian officials to try to bolster a government criticised by some for being disorganised and slow to take action.
 


It would take Russia to the European Court, accusing it of violating its territorial integrity and launch criminal proceedings against those officials responsible for orchestrating the seizure of Crime, Petrenko said.
 


"The National Security and Defence Council has instructed the prosecutor general to work out the procedure to initiate criminal proceedings," he said.
 


"Ukraine does not recognise the Russian occupation."

 

(By Natalia Zinets, reporting by Natalia Zinets, writing by Elizabeth Piper, editing by Nigel Stephenson, Reuters)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Alaska Marine Lines Reduces Fuel Surcharge

Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation

Bunkers International Files for Bankruptcy

U.S. based bunkering services firm Bunkers International Corp. announced August 28 that it has filed for reorganization under Chapter 11 of the Bankruptcy Code.

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

Energy

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

News

Historic WW I Shipwreck Survey Underway

Partnering U.S. agencies have commenced surveying the historic shipwreck of an American lightship shelled and sunk by a German U-boat during World War I nearly 100 years ago.

Bollinger VP Fanguy Snags SNAME Award

Louisiana-based shipbuilder Bollinger Shipyards, LLC announced its vice president for quality management system, Dennis Fanguy, will receive the 2015 William M.

Deal Reached to End MyFerryLink Dispute

A deal was reached on Monday to save hundreds of ferry jobs at the northern French port of Calais, the French transport minister said, ending a dispute that has

Government Update

Greek Coastguard Rescues 2,500 over Three Days

Greece's coastguard has rescued about 2,500 migrants and refugees off the country's eastern islands over the past three days, authorities said on Monday, as the

Ships' lifting Apparatus at Abu Dhabi Ports

Abu Dhabi Ports have informed that they reserves the right to refuse the use of ships' lifting apparatus without valid certification and / or if the apparatus

Australian Defence Unveils Indigenous Artwork

Defence today unveiled an Indigenous painting at its Science and Technology headquarters in Canberra as a mark of respect for cultural diversity within the organisation.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 1.8364 sec (1 req/sec)