Ukraine President Volodymyr Zelensky on Thursday warned that any annexation by Russia would result in sanctions that would cripple Russia’s economy and create historic levels of poverty.

Speaking in his nightly video address, the 44-year-old said, “I want to say straight away: any ‘Kherson People’s Republics’ are not going to fly. If someone wants a new annexation, it can only lead to new powerful sanctions strikes on Russia.”

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“You will make your country as poor as Russia hasn’t been since the 1917 civil war. So it is better to seek peace now,” he added in a dire warning.

The Ukrainian president went on to urge the residents of Kherson and Zaporizhzhia to not furnish too much information to the Russians, saying, “If they ask you to fill out some questionnaires, leave your passport data somewhere, you should know – this is not to help you … This is aimed to falsify the so-called referendum on your land, if an order comes from Moscow to stage such a show.”

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Zelensky warning to Moscow about potential, crippling sanctions came hours after the Ukrainian president held a virtual meeting with World Bank leaders to discuss Ukraine’s economic situation and look for a financial lifeline.

The war, which is days from reaching the two-month mark, has left Ukraine’s economy absolutely devastated: ongoing fighting has resulted in the closure of businesses, shelling has flattened buildings and destroyed billions worth of critical infrastructure, and Russia’s blockade of Ukraine’s ports have resulted in the cessation of all exports from the war-torn country.

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According to World Bank President David Malpass, even a “narrow” estimate of the physical damage to Ukraine’s buildings and infrastructure would amount to as much as $60 billion.

Taking into account the widespread destruction in Ukraine, Zelensky has said that “hundreds of billions of dollars” will be required to rebuild the war-torn country.