The threat of war has shredded Ukraine's economy, and many Ukrainians are asking why they are the ones suffering instead of Russia. lhinnant reports from Kyiv on how Ukraine has become the biggest loser so far in its crisis with Russia.
The squeezing of Ukraine’s economy is a key destabilizing tactic in what the government describes as “hybrid warfare” intended to eat away at the country from within. The Ukrainian president is also juggling state-sponsored cyberattacks, a Russia-backed separatist movement and the threat of 150,000 Russian soldiers surrounding his country on three sides.
Alex Riabchyn is a former member of Ukraine’s parliament who now spearheads a project to set up hydrogen plants for the national Naftogaz energy company. The idea is to give Europe — and especially its largest economy, Germany — a stable new source of hydrogen, which can be used to produce low-emission energy for transport, industry and other uses.
Since the beginning of the crisis in January, the national currency, the hryvnia, has steadily lost value, and it plunged 1% Tuesday after Russia recognized the two breakaway regions led by Russia-backed separatists. The United States last week offered a $1 billion loan guarantee, and the European Parliament approved $1.3 billion in loans for Ukraine to cover financing needs this year.
In Russia, Margarite Simonyan, the head of the state-owned Russian RT news network, gloated last week that “Kyiv’s economy is in tatters,” calling it “a small but pleasant thing.” The Centre for Economics and Business research estimated this month that the conflict with Russia cost Ukraine $280 billion in lost gross domestic product between 2014 and 2020 — with those loses expected to climb this year.on Tuesday, including targeting several Russian officials and banks financing the Russian armed forces, and putting limits on Moscow’s access to EU capital and financial markets.
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