KIEV, Aug. 20 – The total losses of Ukrainian budgets of all levels from the ban on the supply of Roshen Corporation's confectionery to Russia may exceed UAH 1 billion by the end of the year (around $123 million at the current rate), Roshen Director for Development Yevhen Vovchanovsky said.

"By the end of the year Ukraine's losses could exceed UAH 1 billion. These are total losses: unpaid taxes, non-accrued wages and social fees. We should take into account the fact that the subcontractor companies will face losses, as they are our suppliers," he said at a press conference in Kiev on Tuesday.

Vovchanovsky found it difficult to assess the direct losses of Roshen, as traditionally the peak season is in autumn-winter.