How can business assess and get reimbursement for losses incurred due to military aggression of russ

How can business assess and get reimbursement for losses incurred due to military aggression of russ

Production processes and supply chains are disrupted, businesses and logistics centers are destroyed, and the worst thing is that human lives are under constant threat. Back in August 2022, according to a survey of the European Business Association, every fifth entrepreneur in Ukraine suffered more than $100,000 in losses from the war. So what's next? How to reimburse the damage caused to businesses and people by the aggressor country? This matter is not fully settled and currently there is no clear algorithm for how to get reimbursement for losses caused by russia's military aggression. However, certain steps have been taken so far to address this matter.
To get reimbursement for the damage caused, the first step is to record and assess the damage from the war. To do this, a new legal framework is being formed in Ukraine.

The cost of losses due to the armed aggression of russia is determined in accordance with the “Methodology for determining the damage and cost of losses incurred by enterprises, institutions and companies of all forms of ownership as a result of the destruction and damage to their property due to the armed aggression of the Russian Federation, as well as lost profits from the impossibility or obstacles to business activities”, approved on 18.10.2022 by the joint Order of the Ministry of Economy and the State Property Fund of Ukraine.

If your business has suffered losses from the hostilities on the territory of Ukraine, you can contact BDO's valuation experts that will advise you on the next steps to resolve this matter. The methodology, goals, details and stages of assessing losses from the armed aggression of the rf are available at the link below.

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