The assessment was carried out jointly by the World Bank Group, Ukrainian government, European Commission, and UN, according to an Al Jazeera report published on Wednesday.
The recent figure was up from the $349 billion in the previous projection.
The direct damage to buildings and infrastructure has reached $135 billion so far from more than a year-long war.
Some 2 million homes and more than 20% of public health institutions were damaged and at least 9,655 civilians confirmed dead, including 461 children, according to the report.
It also pointed out that Russia’s war has reversed 15 years of economic progress in Ukraine, reducing its gross domestic product by 29% and pushing 1.7 million people into poverty.