Ukraine calculates the cost of reconstruction — RT Russia and the former Soviet Union


Estimates range from $700 billion to $1 trillion, as Kyiv wants frozen Russian assets.

This was announced by the Prime Minister of Ukraine Denis Shmigal on Tuesday “More than $700 billion” will be required to repair the damage caused by the conflict, which is double the estimate given by Kyiv in June. At the end of December, President Volodymyr Zelensky estimated this figure at 1 trillion dollars.

“Together with the World Bank, we are planning another review of Ukraine’s need for rapid recovery,” he said. Shmyhal announced this at the government meeting held in Kyiv, UNIAN news agency reports. “Let me remind you that we had such a report at the beginning of June. Then this indicator was a loss of 350 billion dollars. Given the recent attacks on our infrastructure, that amount is more than $700 billion today.

According to him, Kyiv will use 17 billion hryvnias ($426.6 million) seized from Russian banks to rebuild houses destroyed during the war. Money “in a special account” Shmygal told the government.

This is a lower amount than Zelenskyy claimed in early August that he had captured Kyiv. “28 billion hryvnias”, or about $765 million. Shmygal’s damage estimate was also around $300 billion as part of Zelensky’s trillion-dollar claim — the same day, Dec. 30, that the EU put its price at 600 billion euros ($633 billion).

The media has been in a frenzy amid reports that some European politicians are increasingly pushing to hand over frozen Russian assets to Kiev. The United States and its G7 allies have seized about 300 billion euros ($311 billion) of Russian central bank assets and billions in assets from blacklisted Russian businessmen.

Bloomberg reported on Tuesday that the German government was split on the issue, but was willing to support the confiscation if the legal issues were resolved and if other Western countries followed suit.

Last month, the head of Ukraine said that he had hired the American asset management company BlackRock “Advising the Ukrainian government on how to structure the country’s recovery funds.”

Zelensky also made a ten-point proposal “Peace Plan” according to which Russia will pay reparations to Ukraine for decades and apply to the war crimes tribunal. Moscow denied it “absurd”.

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