Losses in iron ore exports due to attacks on logistics amounted to $150 million in Q4 – NBU

The most significant negative impact of shelling on ports and railways on Ukrainian exports was recorded in the fourth quarter of 2025. This was reported by NBU Deputy Governor Volodymyr Lepushynskyi in an interview with Interfax-Ukraine

Specifically, the National Bank estimated losses in iron ore exports due to this factor at approximately $150 million in October–December of last year, while losses for grain amounted to $700 million.

According to Lepushinsky, the regulator views these losses as temporary and expects export volumes to recover throughout 2026, provided that security risks do not lead to critical damage to maritime logistics facilities.

“Despite the fact that the enemy is systematically attacking port infrastructure in an attempt to destroy our export potential, the pace of recovery is rapid,” he noted.

The Deputy Head of the NBU also noted a change in the enemy’s shelling tactics, which have shifted from strikes on the energy sector to more targeted attacks on logistics and port infrastructure.

As a reminder, Ukraine’s mining sector reduced iron ore exports by 33.9% in January–March 2026 compared to the same period in 2025, down to 5.61 million tons. Compared to the previous quarter, shipments decreased by 18.1%.

In March, Ukraine exported 2.3 million tons of iron ore, which is 83.4% more than in the previous month and 20.6% less than in March 2025.