The British government is considering legislation that would allow the diversion of frozen Russian assets towards Ukraine's reconstruction efforts, while maintaining sanctions until Russia provides compensation to its war-ravaged neighbor, as Russia's destructive attacks on Ukraine continue to mount, The News York Times reports.
The British announcement aligns with the decision
made at the recent G7 summit in Hiroshima, Japan, to place a freeze on approximately $300 billion worth of Russian assets held by banks and financial institutions in those nations, including Britain, “until Russia pays for the damage it has caused to Ukraine.”
Recent figures from the World Bank, the European Commission, and the United Nations indicate that the projected costs for Ukraine's reconstruction are expected to exceed $411 billion. It's important to note that the World Bank's estimate was compiled prior to the significant damage caused by the recent destruction of the Kakhovka dam in southern Ukraine.
Read also:
- Japan to set up reconstruction liaison system with Ukraine – Nikkei
- Ukraine starts rebuilding first village razed to the ground by Russia
- Cost of Ukraine’s reconstruction and recovery reaches $411 bn – World Bank (March 2023)
- World Bank allocates USD 17.8 billion to support Ukraine
- Russia’s war has caused $311 billion of direct damage to Ukraine – media
- Architects worldwide reimagine Ukrainian buildings demolished by Russia
