The cost of rebuilding the battered Ukraine after the war is estimated at a staggering $750 billion, but some of that funding could come from the source of the damage.
Just as he has appealed to the international community for help in his country’s attempt to fend off the Russian invasion, Ukrainian President Volodymyr Zelenskyy said at the Ukraine Recovery Conference in Switzerland that a global effort will be needed for recovery.
“Ukraine reconstruction is not a local project, it is not a project of one nation, but a common task of the whole democratic world – all countries, all countries that can say they are civilized,” Zelenskyy said in a video message. “Restoring Ukraine means restoring the principles of life, restoring the space of life, restoring everything that makes people human.”
Ukrainian Prime Minister Denys Shmyhal, who attended the conference in Lugano in person, provided $750 billion and presented a recovery plan for immediate and long-term needs.
Shmyhal also said a major source of funding “should be the seized assets of Russia and Russian oligarchs,” which he says could currently be between $300 billion and $500 billion.
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►Ukrainian President Volodymyr Zelenskyy thanked the International Olympic Committee for supporting a ban on Russian athletes in most Olympic sports. Russia will hold an appeal hearing on Tuesday against the ban on international football at the Court of Arbitration for Sport in Lausanne, Switzerland.
►Pope Francis, who has condemned the “cruelty” and “cruelty” of Russian troops in Ukraine, said he hopes to visit Moscow and Kiev after his trip to Canada from July 24-30.
Russian President Vladimir Putin on Monday declared victory in the battle for Ukraine’s Luhansk province and ordered rest for his troops before continuing in the Kremlin’s quest to take control of the entire industrial region of Donbas.
“Military units that have participated in active hostilities and achieved success and victory should rest and increase their combat capabilities,” Putin said on state television.
Russian Defense Minister Sergei Shoigu reported that Russian forces had taken control of Lysychansk, the last disputed major city in Luhansk. Earlier, the Ukrainian army said it was forced to withdraw because of Russia’s advantage in artillery, aviation, ammunition and personnel. Sustaining it would lead to “fatal consequences” for its troops, the military said in a Facebook post.
“We just have to keep fighting,” the post said. “Unfortunately, steel will and patriotism are not enough for success. Material and technical resources are needed.”
Despite Russia’s claims to the contrary, its invasion is still having “a devastating impact on Ukraine’s agricultural sector,” the British Ministry of Defense said in a statement. his latest intelligence assessment†
The ministry said Russia’s blockade of the main port of Odessa in the Black Sea is severely limiting Ukraine’s ability to export grain while the harvest has begun. In addition, the war has disrupted the supply chain of seeds and fertilizers that farmers use.
That combination will most likely shrink Ukraine’s agricultural exports this year to 35% or less of what they were in 2021, the ministry said, noting that drastic cuts at a major wheat producer are contributing to the global food crisis.
Russian army lacks ‘accurate modern weapons’
Russia’s increasing use of obsolete weapons in a number of deadly strikes could be evidence that the military lacks more accurate modern weapons, military analysts say.
Russian bombers have used KH missiles from the 1960s, which were designed primarily to target nuclear-powered aircraft carriers and are incapable of accurately hitting ground targets, officials say. The weapons were used in two attacks on a shopping center and apartment building last week, killing dozens of civilians.
“Russia continues to use air-launched anti-ship missiles in a secondary role for land attacks, likely due to dwindling stockpiles of more accurate modern weapons,” the British Ministry of Defense said on Twitter:†
Both Russia and Ukraine have used large amounts of weapons in a war of attrition for the eastern Donbas region. President Joe Biden said last month that the US would provide Ukraine with longer-range precision missiles, but it is not yet clear how much difference they will make.
Contributions: The Associated Press