The EU is considering if frozen Russian assets could be used for reconstruction of Ukraine
Monitoring the reconstruction of Ukraine following the Ukrainian truck-bombing of March 1. It is a priority of EU Council to assess the status of reconstruction in Ukraine
Questions about how to pay for the reconstruction of Ukraine will loom large when the first anniversary of Russia’s invasion approaches. As a result of the war, the economy of Ukraine shrunk by more than 30% in less than two years.
After the bombardment of Ukraine started on Monday, Mr. Putin ordered it as revenge for the truck-bombing that badly damaged the Kerch Strait Bridge connecting Russia to the occupied Crimea Peninsula. Satellite imagery shows that the attack has been substantial, even though Moscow has tried to downplay it.
The images captured hundreds of cargo trucks backed up and waiting to cross from Crimea into Russia by ferry, some five days after the bombing. There is a line of trucks at the airport that is being used as a staging area and a huge backup at the port in Kerch, captured by Maxar Technologies.
The International Crisis Group analyst said that the long lines for ferry crossing had been increased by the fact that there was a security checkpoint in place.
The group will conduct a range of analyses to assess this possibility, the Swedish government said. The EU Council is chaired by Sweden and it sets the bloc’s political priorities.
The Swedish National Board of Trade and a new EU-wide strategy for addressing the economic crisis in a developing world, with particular emphasis on central bank assets
The statement added that part of this work would involve obtaining a “clearer picture” of where Russian state-owned assets are located and their value.
Diplomats from EU countries are meeting Wednesday to establish the remit for the group. Once that is decided, they will give it the go-ahead to begin its work. The group will be chaired by Anders Ahnlid, director-general of Sweden’s National Board of Trade.
A senior EU official estimated earlier this month that the European Union and Western allies had frozen $300 billion in Russian central bank assets, which could potentially be used to rebuild Ukraine.
The European Union is also working on a tenth package of sanctions against Russia. European Commission President Ursula von der Leyen said Wednesday that the bloc would target €11 billion ($11.8 billion) worth of goods, using trade bans and export controls on technology.