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Ukraine wants to reconstruct country with seized Russian funds

Towleroad July 4, 2022 Leave a Comment

Published by
DPA
Ukrainian President Volodymyr Zelensky, delivers a video speech at the International Ukraine Recovery Conference in Lugano. Christophe Licoppe/European Commission/dpa

Ukraine wants to use the Russian assets seized as a result of Western sanctions to finance the country's reconstruction, Prime Minister Denys Shmyhal said.

“Russia's frozen assets according to various estimates range from $300 to $500 billion,” Shmyhal told an international conference of potential donors in the Swiss town of Lugano.

“Russian authorities unleashed this bloody war, they caused this massive destruction, and they should be held accountable for it,” he added. Ukraine needs an estimated $750 billion, Shmyhal said.

However, experts have cautioned that confiscating Russian assets in this way is legally difficult.

Valdis Dombrovskis, Vice-President of the European Commission and Commissioner for Trade, shakes hands with Denys Shmyhal (R), Prime Minister of Ukraine, during their meeting, ahead of the International Ukraine Recovery Conference in Lugano. Christophe Licoppe/European Commission/dpa

Topics: A News, Aaon, World More Posts About: Ukraine

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