Ukraine’s prime minister proposes to use seized Russian assets to finance reconstruction of the country

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Ukrainian Prime Minister Denys Shmyhal has proposed Monday to use Russian assets seized by its Western partners to finance the reconstruction of Ukraine after the end of the war.

Speaking at an event in Lugano, Switzerland, where he has presented a draft plan to launch Ukraine’s recovery — and among those in attendance were personalities such as European Commission President Ursula von der Leyen — Shmyhal has given as an alternative the financing of the country’s restoration 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 from 285 billion to 480 billion euros,” the Ukrainian prime minister blurted out, UNIAN agency reported.

This measure, however, has not entirely convinced experts, as they have warned that confiscating Russian assets in this way is “legally difficult.”

Also, the Ukrainian prime minister has shown his predisposition to finance Ukrainian reconstruction with grants and preferential loans, private sector investments and extra-budgetary contributions, as well as with funds from the Ukrainian state budget

On the other hand, the President of the European Commission, has assured on Monday at 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 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 commission’s proposals to establish a platform to channel international funding efforts to the country.