Russia is warned: Moscow will have to pay for the reconstruction of Ukraine. An announcement made by Kiev’s Western allies on Wednesday, June 21, during an international conference where Ukrainian President Volodymyr Zelensky called for “concrete projects” for his war-torn country.
More than 60 countries will gather for two days in London for this conference dedicated to the reconstruction of Ukraine. The allies thus wish to support a Ukrainian economy in ruins after more than a year of Russian invasion, by mobilizing international institutions but also the private sector.
The recovery of the Ukrainian economy was recently valued at $411 billion in a recent study by the World Bank, the UN, the European Union and the Ukrainian government. A sum destined to grow as the conflict continues.
On both sides, the main representatives seem to agree on the way to finance this reconstruction: “Let’s be clear: Russia is at the origin of the destruction of Ukraine. And Russia will end up bearing the cost of rebuilding Ukraine,” said US Secretary of State Antony Blinken. “The aggressor must be held accountable,” said European Commission President Ursula von der Leyen.
“It is clear that Russia must pay for the destruction it has inflicted. This is why we are working with our allies to explore legal avenues for using Russian assets,” said British Prime Minister Rishi Sunak, whose country is one of Kiev’s most active supporters.
In the immediate future, kyiv’s allies have already reinforced their financial aid, in order to meet the immense needs of the country in ruins. Washington announced an additional $1.3 billion directed primarily to its critical infrastructure.
London has also pledged World Bank credit guarantees of up to three billion dollars over three years to finance Ukrainian public services, and 240 million pounds (280 million euros) of bilateral aid, notably intended for mine clearance and humanitarian projects.
On Tuesday, the European Commission had proposed an aid package of 50 billion euros until 2027.
In addition to this massive aid, the London conference also seeks to mobilize the private sector, with the official launch of the “Ukraine Business compact”, an initiative inviting companies from all over the world to pledge to support the reconstruction of Ukraine, alongside major global financial institutions.
On the ground, the Kiev army is trying to regain the territories taken by the Russians since the start of the invasion of the country in February 2022. On Wednesday, Russia announced that it had neutralized three drones in the Moscow region, including two near a military base, accusing Kiev of being behind this attack, while Ukraine for its part indicated that it had shot down six Russian explosive drones.
Meanwhile, Russia has raised the death toll from flooding in areas it controls in southern Ukraine to 41, following the destruction in early June of the hydroelectric dam on the Dnieper River. .
Hundreds of square kilometers downstream were flooded, forcing the evacuation of thousands of residents and raising fears of both a humanitarian and environmental disaster. However, the allies remain confident: “The incredible spirit of Ukraine will prevail”, launched Rishi Sunak, this Wednesday, in London.