Ukraine's economy hit by $35 billion outflow in 2022, says Zelenskyy

$35 billion was taken out of Ukraine in the first year of the full-scale war, significantly impacting the country's economy, Ukrainian President Volodymyr Zelenskyy said in an interview with British journalist Piers Morgan.

The head of state compared this amount to the financial aid provided by the U.S. and EU to support Ukrainian refugees. He noted that over three years, Washington has allocated $5-6 billion for Ukrainian refugees abroad, while the EU provided €18-20 billion in the first year. In contrast, Ukrainians independently moved $35 billion out of the country in 2022 alone.

"No one could stop them—it's their money, it's their right, they are free. But they were transferring their accounts abroad—to Europe, the U.S., and other countries. That's how our economy collapsed," Zelenskyy added.

He also clarified that the aid provided to refugees is not direct support for Ukraine's budget.

"This is support for people, and we are grateful for it. But you cannot say that hundreds of billions of dollars in aid were sent to us—that is not true," Zelenskyy said.

Following the start of the war, the National Bank of Ukraine imposed restrictions on cash withdrawals, limiting them to 100,000 hryvnias ($3,504) and restricting certain money transfers that allowed currency to be taken abroad.

In 2023, the central bank eased currency restrictions on the transfer of funds abroad by Ukrainian companies.