Ukraine estimates damage from Crimea’s annexation at $40 billion

April 14, 2014

Ukraine has estimated that Russia, after capturing important fields on the Black Sea shelf, has caused $40 billion worth of damage to the country, Ukrainian Energy and Coal Industry Minister Yuriy Prodan said in an interview with EurActiv, Ukrinform reported on April 11.

"Russian aggression in Crimea has caused significant damage. We have lost important areas on the Black Sea shelf. We estimate the losses at $40 billion as possible revenues from extraction of shale gas in Crimea," he said.

Prodan also recalled that Ukraine had signed two contracts for the exploration of shale gas with Shell and Chevron. He said Kyiv hoped that the work in this direction would be accelerated and expected the first results within three years.

Copyright: Ukrinform, 2014