💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Russia's Kursk region puts damage from Ukraine attack at nearly $1 billion

Published 09/11/2024, 06:00 AM
Updated 09/11/2024, 06:08 AM
© Reuters. FILE PHOTO: A satellite image shows a damaged bridge in Zvannoe, Kursk Region, Russia, August 26, 2024. Planet Labs Inc. via REUTERS/File Photo
USD/RUB
-

MOSCOW (Reuters) - The economic damage from Ukraine's attack on Russia's mainly agricultural Kursk region is estimated at almost $1 billion, with more than 150,000 people evacuated since the start of the incursion, the regional governor said on Wednesday.

Ukraine on Aug. 6 launched the biggest foreign attack on Russia since World War Two, bursting through the border into the Kursk region with thousands of troops supported by swarms of drones and heavy weaponry, including Western-made arms.

Kursk is a major grain producer in Russia, contributing 4% to the total grain harvest last year. Russia is the world's largest wheat exporter.

"The introduction of a federal emergency regime and a counter-terrorist operation regime in the region have had a significant impact on the region's economy," Governor Alexei Smirnov said in a publicly broadcast meeting with senior officials at Russia's agriculture ministry.

Earlier on Wednesday, pro-Moscow war bloggers and a senior Russian commander said Russian forces had begun a significant counter-offensive against the Ukrainian troops in Kursk.

Smirnov said "the estimated damage has amounted to tens of billions of rubles and is increasing". His public presentation, shown during the event, provided a preliminary estimate of 85 billion roubles ($934.07 million).

He said the harvesting of grains could not be completed on an area of 160,000 hectares, while oilseed crops amounting to 500,000 metric tons and sugar beet amounting to 700,000 tons had been damaged or transported out of Russia.

© Reuters. FILE PHOTO: A satellite image shows a damaged bridge in Zvannoe, Kursk Region, Russia, August 26, 2024. Planet Labs Inc. via REUTERS/File Photo

According to the governor's figures, more than 300,000 tons of grain remain in warehouses in territory currently occupied by Ukrainian forces. Smirnov also reported significant livestock losses, with over 350,000 heads of pigs and cattle dead.

($1 = 91.0000 roubles)

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.