“Money confiscated on the territory of Ukraine from Russian and Belarusian citizens can be included in this fund,” Ukrainian Finance Minister Serhiy Marchenko said.
Assets belonging to Russian and Belarusian nationals seized by the Ukrainian state could be used for the country’s massive post-war reconstruction effort, he said today. Ukrainian Finance Minister Serhii Marchenko.
The government has frozen Russian and Belarusian assets in Ukraine worth approx 44 billion hryvnias (nearly $1.21 billion) since Moscow’s invasion began on Feb. 24, according to the government agency, the Bureau of Economic Security.
“We are currently looking for the resources needed for our crucial recovery,” Marchenko told Ukrainian state broadcaster Suspilne, raising the idea of ​​creating a special liquidation fund as one fiscal source for reconstruction.
“Money seized on the territory of Ukraine from Russian and Belarusian citizens can be included in this fund,” he added, without elaborating.
Ukrainian officials stress that the government will need to spend about $38 billion to rebuild the country in 2023 alone. The total cost of rebuilding has been estimated at $750 billion.
The European Union is also considering this use of Russian assets frozen under Western sanctions imposed on Moscow for Ukraine’s post-war reconstruction, European Council President Charles Michel said at an EU summit last week.
The Prime Minister of Estonia Kaja Kalas he stressed that the value of these assets is about 300 billion euros, although Berlin and others have warned that the seizure of assets may be illegal.
Moscow warned on Thursday that it would retaliate if the EU seized assets belonging to the Russian state or its citizens. Russian Foreign Ministry spokeswoman Maria Zakharova said any such move would be “theft.”
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