Ukraine proposes funding post-war reconstruction with seized Russian assets

Ukraine proposes funding post-war reconstruction with seized Russian assets
July 5, 2022, 10:46 am

Russia’s constant shelling and missile attacks are killing and injuring civilians - Euromaidan Press

Ukrainian Prime Minister Denys Shmyhal suggested on Monday that Russian assets seized as a result of Western sanctions could be used to finance Ukraine's post-war reconstruction. The statement came as Shmyhal told delegates to the Ukraine Recovery Conference in the Swiss city of Lugano on Monday (July 4).

He said: "Russia's frozen assets according to various estimates range from $300 to $500 billion.
Russian authorities unleashed this bloody war, they caused this massive destruction, and they should be held accountable for it."

Shmyhal added, saying that Ukraine would require an estimated $750 billion to rebuild its infrastructure once the war was over.

Those travelling to Lugano for the meeting included European Commission President Ursula von der Leyen, who promised that the European Union stood ready to help Ukraine fund its post-war reconstruction, the Anews reported, citing the DPA.

Massive Russian shelling on Kyiv morning June 26 - Euromaidan Press

von der Leyen told the conference: "Europe has a special responsibility and a strategic interest to be at Ukraine's side every step of the way.”

Ahead of the meeting, experts had warned that reconstruction efforts were urgently needed, though others cautioned that confiscating Russian assets in such a manner would be legally problematic.

Ukraine estimates cost of reconstruction at $750 bn

Ukrainian President Volodymyr Zelensky called for reconstruction of the country's shattered infrastructure to begin as soon as possible in his Monday night video address, noting that it was necessary to prepare for winter, not least in terms of ensuring reliable energy supplies.

Large parts of Ukraine's economy had been brought to a standstill by the fighting, Zelensky said, adding, however, that Ukraine's reconstruction should be about more than just rebuilding walls.

He said: "Ukraine must become the freest, most modern and safest country in Europe."

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