Ukraine's PM Informs EU That Country's Losses from Russian Aggression Could Reach €750 Billion

Denys Shmyhal, Prime Minister of Ukraine, states that the cost of post-war restoration of Ukraine's losses suffered due to Russian aggression has exceeded €600 billion.

Answering journalists' questions after a joint meeting of the European Commission and the government of Ukraine, the Prime Minister said that the so-called "quick restoration" of Ukraine should be started now, without waiting for Ukraine's victory.

"Full restoration is impossible during the war, but there is a need for rapid restoration. We cannot help but restore energy supply, heating supply, water supply, hospitals, etc.," said Shmyhal at the press conference with Ursula von der Leyen, President of the European Commission, adding that Ukraine is already raising funds for this and insisting that this process must be co-financed with Russian seized money.

"The rapid restoration stage, according to estimates, will cost €17 billion... €3.5 billion have already been raised, we are negotiating on the rest," the prime minister added.

Denys Shmyhal also cited the estimates of the World Bank and other international institutions regarding the total cost of the infrastructure destroyed by Russia.

"At the beginning of June, it was €350 billion. At the beginning of 2023, it may be about €600 to €750 billion," Shmyhal said.

Charles Michel, President of the European Council, has called on the capitals of the EU countries to speed up negotiations on the use of seized assets of the Russian central bank in the amount of US$300 billion for the restoration of Ukraine.

Estonia plans to introduce a legal framework to seize Russian assets this month, moving ahead with a bid to transfer frozen under European Union sanctions funds to Ukraine.