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Homechevron_rightWorldchevron_rightRussia says Ukraine is...

Russia says Ukraine is bankrupt, Plans to consolidate its hold on seized parts

Russia says Ukraine is bankrupt, Plans to consolidate its hold on seized parts

Moscow: After attacking Ukraine for over five months, Russian State Duma Speaker Vyacheslav Volodin said Kyiv has lost its financial independence and cannot meet its obligations to its citizens without the West's help.

He wrote on Telegram that Ukraine is bankrupt. He said: "Collected taxes form only 40% of the country's budget. Over 60% of which covers military spending. Ukraine's monthly deficit amounts to $5 billion."

The Russian official further said Kyiv cannot meet its needs without the help of Washington and Brussels.

The Ukrainian government on Monday introduced draft legislation to abolish preferential taxation on fuel. Finance Minister Sergey Marchenko said the next year's budget will be extremely tight due to the war conditions.

"There is a significant shortage of funds for financing the road industry. The legislation is poised to create during the period of martial law conditions for the proper functioning of the economy and increased budget revenue through excise duties," read a note on the Ukrainian government's website.

Oleg Ustenko, a presidential adviser on economic issues, said Kyiv's state budget deficit is expected to reach $50 billion by the end of the year. "That is about 30-35% of the country's GDP. This is a problem of war," he said during a TV interview.

Russia, on the other hand, is planning to consolidate its hold on the parts of Ukraine seized by its troops. Moscow is set to hold a referendum separatist Donetsk region. When the invasion started in February, Russia had said the goal was to take control of the Donetsk and Luhansk regions of eastern Ukraine.

The area was controlled by Russian-backed separatists before the war. Russian troops have not yet taken Donetsk but have control over Luhansk.

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TAGS:UkraineRussiaMoscowDonbasUkraine warKyiv
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