Confiscated Russian Assets Should Pay For Ukraine Reconstruction, Says PM

Ukraine is paying a huge price to curb Russia's imperial ambitions and can therefore count on a new "Marshall Plan" that will rebuild and transform the Ukrainian economy, including through confiscated Russian assets.

Ukraine's Prime Minister Denys Shmyhal said this during a speech at the U.S.-Ukraine Partnership Forum, organized by the American Chamber of Commerce in conjunction with the U.S. Administration, Ukrinform reports citing the Government Portal.

 We are determined not only to emerge from this war victorious, but also to be fully integrated into global value chains and create opportunities for Ukrainian and foreign companies to prosper from doing business with Ukraine. We will build back better. Private foreign investment, especially from the United States, will lay the foundation for this transformation," Shmyhal stated.

The Prime Minister noted the prospects for investment in such industries as energy, defense, agriculture, IT, critical raw materials, new infrastructure, and housing.

"Ukraine proposes four main sources of funding for the Recovery Plan: confiscated Russian funds in Ukraine and around the world, funds from international partners, including international financial organizations, funds directly from Ukraine’s state budget, as well as contributions from donors and the private sector. It is very important that the confiscated Russian sovereign funds become the main resource for reconstruction," Shmyhal emphasized.

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The Prime Minister recalled Ukraine's proposals to create a special Compensation Mechanism and adopt appropriate national legislation that would allow for the confiscation of frozen private and sovereign Russian assets.

As Ukrinform reported, the Prime Minister of Ukraine is on a visit to the United States. There, he signed an agreement with the U.S. Agency for International Development (USAID) and the U.S. International Development Finance Corporation (DFC) to promote private sector involvement and increase investment.