PM of Ukraine: Rich Russians should foot the bill for reconstruction

• Ukraine after Russia’s invasion could reach $750 billion, and wealthy Russians should contribute to the expense.
• He stated at a seminar in the Swiss city of Lugano that “we believe that the major source of recovery should be the stolen assets of Russia and Russian billionaires,
• British Foreign Secretary Liz Truss repeated Shmygal’s comments, saying that Kyiv needed assistance to restore its destroyed economy

According to Ukrainian Prime Minister Denys Shmygal, the cost of rebuilding Ukraine after Russia’s invasion could reach $750 billion, and wealthy Russians should contribute to the expense.

He stated at a seminar in the Swiss city of Lugano that “we believe that the major source of recovery should be the stolen assets of Russia and Russian billionaires,” citing estimates that frozen Russian assets were worth $300-$500 billion.

“This brutal conflict was started by the Russian government. They should be held responsible for the enormous harm they brought about.”

According to Russian officials, their “special military operation” in Ukraine aims to demilitarise their southern neighbour and defend ethnic Russians from so-called nationalists. This, according to Ukraine and its backers in the West, is merely an excuse for blatant territorial invasion.

On Monday, British Foreign Secretary Liz Truss repeated Shmygal’s comments, saying that Kyiv needed assistance to restore its destroyed economy and that Russia needed to be held responsible for the harm caused by its “appalling conflict.” On the outside of the conference, Truss told Reuters, “We are considering alternatives for the deployment of Russian assets.”

Getting those grain exports out of Odesa and ensuring we are enabling Ukrainian manufacturing and business to get going are just a few of the steps we are taking, she added, to help the Ukrainian economy get back on track.

summit of NATO in Madrid On June 29, 2022, Ursula von der Leyen, president of the European Commission, will attend the NATO summit in Madrid, Spain. Pool/Brendan Smialowski from REUTERS

According to Truss, some of the issues under consideration include shipping insurance and appropriate armament to protect ports that transport grain.

Ursula von der Leyen, president of the European Commission, also spoke at the Ukraine Recovery Conference. She pledged that the EU will create a central platform to coordinate reconstruction efforts and support Ukraine’s status as an EU candidate, as the EU had promised last month.

According to von der Leyen, the European Union has raised almost 6.2 billion euros ($6.48 billion) in financial help since the start of the conflict. And there will be more. We will actively participate in the mid- and long-term reconstruction.” According to von der Leyen, the platform would map investment needs and direct resources.

It will bring together nations, the corporate sector, civil society, and international organisations like the European Investment Bank and the European Bank for Reconstruction and Development.

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