EBA surveys 95 companies, third estimate their losses for month of war at more than $1 mln

The European Business Association (EBA) polled 95 member companies of the association, 34% of them estimated their losses during the month of the war at more than $1 million, 13% - from $500,000 to $1 million, 14% - up to $100,000, the EBA said in a release.

"To stay afloat, 68% of companies cut costs, 44% seek debt repayment from customers or partners, 35% relocate businesses, and 13% launch new business lines. Every fourth company, namely 25%, reorients their activities to humanitarian needs, and 13% – to the needs of the army. To continue their business, 23% are looking for clients in foreign markets, and 15% are looking for funding. Meanwhile, 9% of businesses are forced to reduce staff, and 8% report that they cannot keep their business afloat," the report says.

"According to the survey, businesses consider the following 7 problems as the gravest now in order of priority: difficulties with logistics, problems with the supply of goods, frozen contracts with foreign and local clients, the low purchasing power of the population, damaged facilities, assets, infrastructure, lack of financial resources and investments, lack of raw materials," according to the document.

"Only 1% of the companies’ offices in Ukraine, participating in the survey, are currently subordinated to the Russian Federation. Meanwhile, 7% report that their subordination to Russia has already been abolished. The other 92% were either not subordinated to Russia or are representatives of local business. Also, 22% of the surveyed companies report that they have never had business with Russia," it reads.

More than 1,000 companies are members of the EBA.