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  • By The Financial District

Fitch Ratings Forecasts Ukraine's Economy To Shrink 33% This Year

Credit ratings agency Fitch Ratings has forecast that Ukraine’s economy would contract by 33% in 2022 before recovering by 4% the following year.

Photo Insert: Ukraine has accused Russia, among a myriad of other war crimes, of razing grain fields.

It highlights Russia's war as a major economic stressor. Ukraine's Long-Term Foreign Currency (LTFC) rating has dropped from a "C" to a "CCC," with "default" as the next and lowest possible rating, according to the Kyiv Independent.

According to Ukraine's Environmental Protection and Natural Resources Minister Ruslan Strelets, Russia's invasion has resulted in 2,000 cases of environmental damage, with Putin's troops causing $5.5 billion in environmental damage.

“Today, Russia is the main environmental terrorist," he added.

Even as Russia resumed the flow of natural gas to the European Union (EU) via the Nord Stream pipeline via the Baltic Sea on July 21 after a 10-day outage, German Chancellor Olaf Scholz said supplies remained unreliable because Russia had limited the pipeline's capacity to 40%. Critics saw the steps as part of Russia's efforts to blackmail and coerce the EU.

The EU has sanctioned 57 Russian individuals, businesses, and security officials known as siloviki who are close to Russian President Vladimir Putin.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The 7th package of sanctions targets Moscow Mayor Serhiy Sobyanin, First Deputy Director of the Federal Security Service Serhiy Korolev, Commander-in-Chief of the National Guard Viktor Strygunov, and organizations such as the state bank Sberbank, which was sanctioned again, the FORSS group of shipbuilding companies, the rocket and space industry enterprise Kvant, and the Avlita port company.

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