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Ukrainian Prime Minister: Let the rich Russians pay for the reconstruction of the country

The cost of rebuilding Ukraine after the Russian invasion could reach $750 billion, and wealthy Russians will have to help cover the cost, Ukrainian Prime Minister Denis Smygal said today.

“We believe that the main source of recovery should be the seized assets of Russia and Russian oligarchs,” he told a conference in the Swiss city of Lugano, referring to estimates that frozen Russian assets are worth $300 billion to $500 billion.

“The Russian authorities launched this bloody war. They caused this mass destruction and they must be held accountable for it,” he said.

Also speaking at the Ukraine Recovery Conference, European Commission President Ursula von der Leyen stressed that the European Union will establish a central platform to coordinate reconstruction efforts and also help strengthen Ukraine’s status as a candidate country in the EU.

“Since the beginning of the war, the European Union has mobilized around 6.2 billion euros in financial support,” von der Leyen said. “And … there will be more to come. We will be substantially involved in the medium- and long-term reconstruction.”

After years of close cooperation with Ukraine, von der Leyen said that Europe has a special responsibility and strategic interest to help it.

“The Kremlin’s goal is the military, political and economic destruction of Ukraine,” he said. “They want to undermine the very existence of Ukraine as a state. We cannot and will not allow that to happen.”

This platform will map the investment needs and channel resources, noted the president of the Commission.

It will bring together countries, the private sector, civil society, as well as international organizations such as the European Bank for Reconstruction and Development and the European Investment Bank.

The European Investment Bank, the lending arm of the European Union, is proposing a financing structure previously used during the Covid-19 pandemic to help rebuild Ukraine.

Ukrainian President Volodymyr Zelensky welcomed the reconstruction efforts.

“Ukraine’s reconstruction is the common task of the entire democratic world” and “the most important contribution to world peace,” he said during a speech broadcast by video.

Russia must help pay for the damage it caused to Ukraine during its “horrific war”, while Kyiv also needs help to revive its battered economy, Britain’s foreign secretary told Reuters. Liz Truss.

“Russia must be held accountable for this horrible war,” Truss said on the sidelines of the conference in Lugano. “We are considering options for developing Russian assets.”

Britain is considering legislation to seize assets from people responsible for the war, the British foreign minister said.

Source: Capital

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