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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Singapore Exchange, Baltic Exchange Continue Transaction Talks

Singapore Exchange (SGX) has agreed with the Baltic Exchange Limited (Baltic Exchange) to extend the period of exclusive discussions regarding a cash offer for

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

Energy

Gas Plant Fire Halts US Gulf Coast Platforms

At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a

China's Robust Crude Oil Imports Mask Changing Fuel Dynamics

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union.   While the news media

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

News

Fundraiser Held for USS Gerald R. Ford Crew

Blackmer, a company in positive displacement and centrifugal pump and reciprocating compressor technologies, has a relationship with the U.S. Military that dates

Gas Plant Fire Halts US Gulf Coast Platforms

At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a

Meercat Workboats Scores a Hat-trick

The U.K.’s Meercat Workboats says it scored a hat-trick; the Hampshire-based boat builder announced it is moving premises, that Seawork was a huge success and that

Government Update

Russia, US Blame Each Other for Maritime Incident

Russia and the United States gave contradictory accounts on Tuesday of an incident involving the two countries' navies in the Mediterranean Sea on June 17, each

China's Robust Crude Oil Imports Mask Changing Fuel Dynamics

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union.   While the news media

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1849 sec (5 req/sec)