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Andriy Mokhnyk, Minister of Ecology and Natural Resources of Ukraine

Andriy Mokhnyk, the Ecology and Natural Resources Minister of the Ukraine estimated on Monday that Kiev lost natural resources and related assets worth $10.8 billion after Russia annexed the Crimea region.

Ukraine has said it will file compensation claims with international courts over the annexation of Crimea.

Ukrainian Prime Minister Arseny Yatseniuk stated the annexation could ultimately cost Kiev “hundreds of billions of dollars”.

Mokhnyk’s spokesman announced minister intends to go to court to recover the money Ukraine would lose through its natural resources assets.

Assets are estimated to include businesses, 198 active oil fields and 380 prospective fields.

“Ministry staff have assessed the market value of the resource base for Crimea. According to preliminary estimates, it was 127 billion hryvnias ($10.8 billion)” he said at a news conference.