🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

Davos 2023: Russian bombing puts Kyiv's utilities under critical strain -Klitschko

Published 01/16/2023, 02:47 PM
Updated 01/16/2023, 07:40 PM
© Reuters. FILE PHOTO: Kyiv Mayor Vitali Klitschko attends an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine December 7, 2022.  REUTERS/Valentyn Ogirenko

By John Irish

DAVOS, Switzerland (Reuters) - Kyiv's infrastructure could collapse at any second as Russia's sporadic missile attacks along with freezing winter temperatures put local authorities under increasing strain, the Ukrainian capital's mayor said on Monday.

Kyiv's mayor Vitali Klitschko and his brother Wladimir told Reuters that Ukraine's Western allies had to speed up deliveries of air defence systems capable of downing Russian missiles.

Kyiv has accused Moscow of indiscriminately targeting civilians as well as key infrastructure, threatening the winter supply of electricity, running water and central heating.

"We don't talk about the collapse, but it can happen ... at any second (because) Russian rockets can destroy our critical infrastructure in Kyiv," Vitali said, adding that there was currently a 30% deficit in energy in the capital.

"It's pretty cold in Ukraine right now so living without electricity and heating is almost impossible. The situation is critical. We are fighting to survive," he said on the sidelines of the World Economic Forum (WEF) annual meeting in Davos.

Former world heavyweight boxing champions Vitali and Wladimir are part of a broader high-level business and political Ukrainian delegation attending the WEF summit.

"It is important not to hesitate to give us weapons that we so need, but to deliver them the sooner the better otherwise we will continue to lose our infrastructure and most importantly our best men," Wladimir said, adding that they expected an escalation in the north of Ukraine from Belarus.

Part of the focus of Ukraine's delegation in Davos will be to lay the foundations for future reconstruction and assess the appetite for investment in the country's recovery.

"Today, we are talking about the war and ending this senseless war, but we need to think about the day after tomorrow," Vitali added.

Beata Javorcik, chief economist for the European Bank for Reconstruction and Development (EBRD), said a top international priority was to help Ukraine get through the winter with as much of its economy intact as possible.

"The challenge is that even if military activity is limited geographically, destruction of infrastructure makes it difficult for businesses to function," she told Reuters.

The EBRD, which last year invested some 1.7 billion euros ($1.8 billion) in energy, transport and other vital infrastructure in the country, estimated Ukraine's local economy shrunk by nearly a third last year.

© Reuters. FILE PHOTO: Kyiv Mayor Vitali Klitschko attends an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine December 7, 2022.  REUTERS/Valentyn Ogirenko

Javorcik said the continuation of the war, with little immediate prospect of peace, meant the development bank would likely revise down its initial forecast of 8% growth for 2023.

($1 = 0.9248 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.