EU planning mechanism to use confiscated Russian assets to fund Ukraine's reconstruction

The European Union (EU) is trying to draft a mechanism that would allow the use of confiscated Russian assets to be used for reconstruction of Ukraine. Ursula von der Leyen, president of the European Commission, has said that the new provision will restore justice as it would make Russia foot the bill of the widespread destruction that its forces have wreaked on Ukrainian soil. Furthermore she said that the EU is seeking to use assets of the Russian government and Russian oligarchs money for reconstruction efforts in the war torn nation, The Kyiv Independent reported.

Speaking at a press conference in Strasbourg, France, der Leyen said that the bloc will establish a "legal framework" that would allow them to use assets from Russia and help in the restoration of Kyiv."I think it is a matter of justice to consider this issue," she said. The platform will be used to map and calculate the total investment needs, as well as coordinate action and channel resources, von der Leyen told the Ukraine Recovery Conference in the Swiss city of Lugano separately, where Ukraine's President Volodymyr Zelenskyy made such a demand. 

"Since the beginning of the war, the European Union has mobilized around €6.2 billion ($6.48 billion) in financial support," von der Leyen said. "More will come. We will engage substantially in the mid- and long-term reconstruction."

The dedicated platform will bring countries, institutions, the private sector and civil society together to work in collaboration with international organisations like the European Bank for Reconstruction and Development and the European Investment Bank for enabling the war recovery in Ukraine. "Through the reconstruction platform, the European Commission can offer its extensive expertise in running programs that combine reform and investments," der Leyen said. "In addition, we have been working closely with Ukraine for a long time. And this work will only intensify now that Ukraine has formally become a candidate to join our Union."  

Ukraine PM suggests 3-tier offices In UK, US, EU for rebuilding efforts

Earlier, in order to felicitate rebuilding efforts in the aftermath of a war, Ukraine had proposed to build three tier offices dedicated to restoration tasks in Washington, Brussels, London and other cities. The main headquarter, however, has been suggested to be located in Ukrainian capital Kyiv. Making a speech at a conference in Lugano, Switzerland, Ukraine's Prime Minister Denys Shmyhal said that the recovery of Ukraine will consist of three levels, first will constitute the leaders of the states that will be key decision makers, the second will consist of the joint coordination group, which will include heads of executive power who will implement the rebuilding projects. "The third level is the thematic groups by industry direction, at least 24 groups of the National Council for the Restoration of Ukraine," he continued. 

Zelenskyy stressed that the eventual restoration of Ukraine will cost an estimated $750bn (£620bn) recovery plan, which he described was the task of the democratic world. Speaking via video link to a high-level conference at  Lugano, Switzerland, Zelenskyy said that Ukraine's recovery plan shall be executed by seizing the assets of the Russian Oligarchs.