The Strategist

Zelenskyy estimates Ukraine's damage at $400bn

05/05/2023 - 03:28

According to Ukrainian President Volodymyr Zelenskyy, the cost of the conflict with Russia to his nation is $400 billion.

The Presidential Office of Ukraine
The Presidential Office of Ukraine
Mr. Zelenskyy said that the damage assessment takes into account a variety of factors, including destruction of energy, transportation infrastructure, buildings, environmental harm, and facilities for the arts and sciences.

The World Bank and the UN estimated in April that the war's toll on Ukraine's energy, gas, and heating infrastructure exceeded $10 billion. Earlier, the president of Ukraine claimed that over $1 trillion would be needed to rebuild the entire nation, including its energy infrastructure. The International Monetary Fund estimates that reconstruction may require $5 billion per month.

The European Council gave the European Commission (EC) a go-ahead to create a framework for transferring sanctioned assets for the rebuilding and recovery of Ukraine on October 21, 2022. The European Commission (EC) authorized the seizure of Russian assets in April as payment to Ukraine for the military operation's damages. The USA is also looking into the potential of moving money from the Russian Central Bank to Ukraine for reconstruction.