Zelensky Urges Finance Leaders to Take $14B from Frozen Russian Assets and Give it to Ukraine

Ukrainian President Volodymyr Zelensky spoke to finance leaders from the World Bank, International Monetary Fund (IMF), and other organizations on Wednesday, appealing for $14.1 billion dollars to fund the repair of infrastructure destroyed during the ongoing Russian-Ukrainian conflict. Zelensky suggested seizing some of Russia’s frozen assets to provide the required funds.

During the meeting, Zelensky discussed the destruction of civilian infrastructure throughout Ukraine and the priority of rebuilding the country following a successful conclusion of the conflict with Russia.

Russia invaded Ukraine in 2014, colonizing Ukraine’s Crimea region. The international community responded inadequately to Russia’s expansion and its support of pro-Russian rebels in Ukraine. In February 2022, Russian President Vladimir Putin announced a more substantial military operation to invade Ukraine.

The United States has provided $15.5 billion in financial aid to Ukraine between February 2022 and Wednesday, as reported by the Ukrainian Finance Ministry. According to American officials, however, the figure is closer to $50 billion, including humanitarian aid.

Zelensky emphasized Ukraine’s demand for Russia to receive the obligation to pay for the provable destruction caused, rather than relying entirely on third-party funding. Furthermore, according to Zelensky, the $14.1 billion would go toward covering priority projects that rebuild destroyed infrastructure if and when a ceasefire is enacted.

A transcript published by Zelensky’s office showed that the President made it clear that the confiscated assets, primarily from the Russian Central Bank, would provide an essential step toward Russia compensating for the destruction caused during the conflict.

Several finance leaders attended Wednesday’s meeting with Zelensky, including U.S. Treasury Secretary Janet Yellen, who visited Kyiv in February to announce a new $1.25 billion American investment in Ukrainian humanitarian aid.

The IMF granted nearly $16 billion to Ukraine in March 2023 to boost the country’s long-term growth, strengthen institutions and promote reconstruction after the conflict, according to Bloomberg News. Ukrainian officials have urged the world to provide rapid financial support to the country to help rebuild destroyed infrastructure.

Russia’s Deputy Prime Minister, Alexey Overchuk, accused Western countries of discriminating against Russians and called for a fair and constructive solution to the issues facing the world. According to TASS, Overchuk urged the World Bank to focus on providing coordinated aid to developing countries in need.