Western media speculations that Ukraine has lost its steel industry may be exaggerated, yet the damage sustained by the sector is likely to deal a heavy blow to foreign currency and tax revenues, Vasily Prozorov told TASS.

"I do not think that 100% of production capacity has been knocked out. But in any case, there has been a heavy blow, primarily to the state economy, since the ferrous metallurgy sector used to generate a hefty portion of foreign currency earnings. Ukraine exported rolled metal products - a very significant source of foreign currency influx," said Prozorov, a former officer of the Ukrainian security service SBU and founder of the UkrLeaks investigation center.