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The European Union will provide $54.5 billion in aid for 2024-2027, the bloc’s president, Ursula von der Leyen, said Wednesday. “Brick by brick, house by house, school by school, together we are with Ukraine for the long haul,” she said, without specifying whether the aid would be grants or loans.
The United States will provide an additional $1.3 billion in the near term, bringing U.S. contributions to Kyiv since Russia invaded to $64.3 billion, Secretary of State Antony Blinken said. “The United States will stand with Ukraine for as long as it takes — and that includes being by Ukraine’s side as it recovers from this catastrophic Russian aggression.”
Britain pledged to provide guarantees for $3 billion worth of World Bank loans to help the rebuilding.
While the West has sought to reassure Ukraine that the country will be rebuilt and that Russia will be forced to pay compensation, the war — and the destruction of the country — continue on a daily basis. It is unclear when Ukraine will be able to start large-scale reconstruction, without a risk the money will be wasted, and so far there are no clear legal mechanisms to seize Russian funds.
Still, leaders at the conference insisted that Russia must be forced to contribute to the gargantuan costs.
“It’s clear Russia must pay for the destruction that they’ve inflicted,” said British Prime Minister Rishi Sunak. “So we’re working with allies to explore lawful routes to use Russian assets.”
London, a longtime haven for Russian oligarch wealth, has faced pressure to reform its laws to seize those assets for Ukraine’s recovery. A senior aid to Ukrainian President Volodymyr Zelensky said Britain should confiscate the mansions, country estates and Britain-based assets to help pay for the reconstruction.
“It must be Russia which is held accountable and must pay,” Vladyslav Vlasiuk, a sanctions expert working for Zelensky told British media this week. “Assets which are here in the UK and other jurisdictions are easily accessible. We would like to see those confiscated and sent to Ukraine for reconstruction.”
Blinken also lent his support for holding Russia accountable for the reconstruction costs, saying “Russia is causing Ukraine’s destruction and Russia will eventually bear the cost of Ukraine’s reconstruction.”
This spring, Britain announced that it had frozen roughly $22 billion in Russian assets and was considering seizing them.
Blinken flew to London from Beijing, where he met Chinese President Xi Jinping after two days of talks he described as “candid, substantive, and constructive.”
Blinken said he welcomed China’s involvement in negotiating an end to the war in Ukraine — a prospect that has fueled speculation about China playing a role in Ukraine’s reconstruction given its massive capacity to finance and oversee infrastructure projects.
China has already played a role in building parts of Kyiv’s metro network and has supported infrastructure projects around the world, in part, because they create jobs for Chinese workers and boost the Chinese economy. However, the United States and other European countries view China as an economic and security competitor, and remain concerned that its projects come at the expense of donor countries’ sovereignty.
Zelensky, who spoke at the event via a video feed, thanked Western countries for their generosity. His armed forces are at the early stages of an offensive aimed at retaking territory captured by Russia. In an interview this week with the BBC, Zelensky acknowledged that battlefield success has been “slower than desired” but said Western backers should be realistic.
“Some people believe this is a Hollywood movie and expect results now. It’s not,” he said.
While some Western officials hope success in the offensive could lead to a negotiation to end the war and begin reconstruction, many are doubtful Russia will be willing to accept anything less than Ukraine’s full capitulation.
That’s why support for Ukraine’s recovery must be paired with support for Ukraine’s military, Blinken said.
“Make no mistake, all of these reform and recovery efforts depend on Ukraine having the capacity to deter and defend against future attacks by Russia,” he said. “That is why, even as we invest in Ukraine’s immediate and long-term recovery, we must also build a Ukrainian military that is strong enough to protect Ukraine’s sovereignty, territorial integrity, and independence. Not just to defend Ukraine’s land, but all that Ukrainians are building — and will build — on that land.”
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