Ukraine’s PM proposes using seized Russian assets to finance country’s reconstruction

The Ukrainian flag flies again on Snake Island after the withdrawal of Russian forces

July 5. () –

Ukrainian Prime Minister Denys Shmyhal proposed on Monday to use Russian assets seized by its Western partners to finance Ukraine’s post-war reconstruction.

At an event in Lugano, Switzerland, in which he presented a draft plan to launch the recovery of Ukraine -and among which were personalities such as the president of the European Commission, Ursula von der Leyen-, Shmyhal has given as an alternative the financing of the restoration of the country with part of the assets seized from Russia.

“The Russian authorities unleashed this bloody war. They caused this massive destruction and should be held accountable for it (…) Russia’s frozen assets, according to various estimates, range between 285,000 and 480,000 million euros,” the first Ukrainian minister, according to the UNIAN agency.

This move, however, has not entirely convinced experts, who have warned that seizing Russian assets in this way is “legally difficult.”

Likewise, the Ukrainian Prime Minister has shown his willingness to finance the Ukrainian reconstruction with grants and preferential loans, private sector investments and extrabudgetary contributions, as well as with funds from the Ukrainian state budget.

On the other hand, the president of the European Commission, has assured this Monday in the event that the recovery of Ukraine is a “special responsibility” of the Union.

“Europe has a special responsibility and a strategic interest in standing by Ukraine’s side every step of the way,” von der Leyen told an international conference of potential donors in Lugano, Switzerland, according to the DPA agency.

After praising Ukraine’s fight against Russia, von der Leyen has touted his committee’s proposals to establish a platform to channel international funding efforts into the country.

Source link