Russia's military action has ravaged the Ukrainian economy, whipping out recent economic growth and leading to a potential "food security crisis," Volodymyr Zelenskyy's financial advisor told CGTN Europe.

Speaking from Ukraine, Oleg Ustenko said that in many senses, the country had been destroyed by the war.

"We have already lost several hundred billion U.S. dollars in our assets. We are talking about the economy where the GDP last year was a historical maximum of $ 200 billion."

Food crisis

Ustenko explained that the military attacks are happening during a crucial annual period for Ukrainian agriculture.

The country, often described as the breadbasket of Europe, is one of the primary providers of essentials like wheat and sunflower oil. Nations with precarious economies like Lebanon rely on Ukrainian exports to feed their population. 

"It's really necessary to stop the war as soon as possible, or even if you think only in terms of international food security," urged Ustenko.ecurity," urged Ustenko.

Use frozen funds

The destruction of Ukraine's cities, infrastructure and industrial sites will require enormous funds to rebuild afterwards. Ustenko advocates calls for Ukraine to be granted funds from assets frozen by sanctions against Russia, a position supported by some European Union politicians.

"We do believe that we can use money that was frozen from the Central Bank of Russia, and we are talking here about somewhere close to $300 billion."

Reuters reported that European Union leaders are set to agree this week on an international fund to help finance the reconstruction of Ukraine.

"Bearing in mind the destruction and enormous losses brought upon Ukraine by Russia's military aggression, the European Union is committed to providing support to the Ukrainian Government for its immediate needs and, once the Russian onslaught has ceased, for the reconstruction of a democratic Ukraine," the leaders will say following a summit on Mar. 24-25, according to a draft summit statement seen by Reuters.