Physical damage to Ukraine’s buildings and infrastructure from Russia’s invasion has reached roughly $60 billion and will rise further as the war continues, World Bank President David Malpass said on Thursday.
Malpass told a World Bank conference on Ukraine’s financial assistance needs that the early estimate of “narrow” damage costs does not include the growing economic costs of the war to Ukraine.Ukrainian President Volodymyr Zelenskyy, in a virtual address to the conference, outlined far bigger costs and financing needs.
Zelenskyy called for countries that have imposed sanctions and freezes on Russian assets to use that money to help rebuild Ukraine after the war and to pay for losses suffered by other countries.At a news conference, Yellen said Russia should shoulder some of Ukraine’s rebuilding costs. But she cautioned that using seized Russian central bank reserves in the United States to rebuild Ukraine would be a “significant step” that would need discussions and agreement with international partners.
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