Ukraine needs $486 bn to rebuild, wants frozen Russian assets to foot bill

According to reports released on Thursday by the World Bank, European Union, United Nations, and the Ukrainian government, Ukraine requires over half a trillion dollars to pay for the costs of reconstruction following Russia’s invasion. Denys Shmygal, the prime minister of Ukraine, stated on Thursday that the majority of the costs should come from Russian assets that were seized. In an attempt to recover the cities, highways, bridges, and energy infrastructure that Russia’s two-year invasion destroyed or severely damaged, Kyiv is attempting to gather international assistance. “The total cost of reconstruction and recovery in Ukraine is $486 billion over the next decade, up from $411 billion estimated one year ago,” the European Commission said, summarising the new report. The four organizations worked together to create the assessment. According to it, Ukraine will require $15 billion in 2024 alone to meet its most urgent reconstruction needs, which include fixing damaged homes and vital transportation infrastructure. In order to finance the extensive infrastructure repairs that its country needs, Ukraine is pleading with the West to release over $300 billion in frozen Russian assets. “The needs for reconstruction have continued to grow over the past year, Shmygal said Thursday. “The main resource for Ukraine’s recovery should be the confiscation of Russian assets frozen in the West.” Ten percent of Ukraine’s housing stock had been destroyed or damaged during the two-year conflict, according to the assessment. It also emphasized the significant harm that the June explosion at the Kakhovka dam caused to the environment and agriculture. The study stated that the damage was “concentrated” in the four frontline districts that Moscow claims to have annexed: Donetsk, Lugansk, Kherson, and Zaporizhzhia. It was also noted that the damage was concentrated in the area northeast of Kharkiv and near the capital city of Kyiv.