A recent report from Russia Today’s website highlights Ukraine’s demand for compensation from Russia, reaching an astonishing one trillion dollars to cover the costs of reconstruction following the nearly two-year-long conflict between the two nations.
The report features statements made by Oleh Ustenko, the Chief Economic Advisor to Ukrainian President Volodymyr Zelensky.
Ustenko states that the proposed freezing of Russian assets in Western countries, valued at nearly $300 billion, is insufficient to cover the extensive reconstruction expenses resulting from the devastation caused by the ongoing Russian military operation initiated nearly two years ago.
Furthermore, Ustenko emphasizes that the direct losses incurred due to the war alone amount to $750 billion, in addition to indirect losses.
This accumulates to a total estimated cost of one trillion dollars required for reconstruction.
This report brings to mind the statements made by Ukrainian Prime Minister Denys Shmyhal in mid-2022, estimating that the country would need nearly $750 billion for reconstruction. Shmyhal emphasized that these funds should be sourced from frozen Russian assets in Western nations.
It is worth noting that President Zelensky has estimated the appropriate compensation for reconstruction to be around $600-800 billion.
Additionally, Ukraine’s Ministry of Justice stated late last year that they would not engage in any peaceful settlement with the Russian side until they receive proper compensation for the destruction caused during the war.
For a considerable period, Ukraine and its Western allies have been exploring how to utilize frozen Russian assets in the West to aid in Ukraine’s reconstruction.
However, Moscow has consistently warned the United States and its allies against making any decisions regarding Russian assets abroad, asserting that seizing these funds would constitute a violation of international law and could provoke a similar response from Russia.
