London: As governments and private investors gathered to discuss how to pay for the country's reconstruction from the effects of war, Western allies on Wednesday pledged to hold Russia accountable for invading Ukraine.
Ukraine's immediate repair costs from the bloody fighting are estimated by the World Bank at $14 billion. However, a recent study by the World Bank, UN, EU, and Ukrainian government estimated that the overall economic recovery would cost $411 billion.
Let's be clear: Russia is to blame for the destruction of Ukraine, US Secretary of State Antony Blinken said to conference attendees in London.
Also Read: Cheers to Macron! France's Beer-Drinking Powerhouse
And eventually, Russia will be responsible for paying for Ukraine's reconstruction," he continued.
Similar sentiments were expressed by UK Prime Minister Rishi Sunak, who pledged to maintain strict sanctions "until Russia pays up" and to use frozen assets to help Ukraine regain its footing.
In the conflict overnight, Russia claimed to have shot down three Ukrainian drones near Moscow, and Ukraine claimed to have shot down six Iranian-made attack drones in the west with its air defence systems.
Volodymyr Zelensky, the president of Ukraine, is in charge of a military offensive to retake territory that Russian forces have been occupying since last year.
"Every day of Russian aggression brings new ruins, thousands upon thousands of destroyed houses, devastated industries, and burnt lives," he said to the conference via video link.
However, Zelensky outlined his case for future investment in Ukraine, claiming that despite the destruction, the nation was ready for development in fields ranging from technology and clean energy to green agriculture.
Also Read: Spaniards fear that nearly 40 migrants are dead off the Canaries
"The world is watching to see if we can restore normal life in such a way that our transformation will land an ideological defeat on the aggressor," he said. "We defend Ukraine because we defend freedom. Additionally, we'll build freedom when we build Ukraine.
The International Ukraine Recovery Conference 2023, the second to be held since the Russian invasion in February of last year, is being attended by leaders and representatives from more than 60 nations.
During the first, which took place in Lugano, Switzerland, last July, allies vowed to support Ukraine during what is anticipated to be a staggeringly expensive and lengthy recovery.
However, African nations have expressed worry that by providing aid to Ukraine, the West is reneging on commitments to support the continent's development and fight climate change.
Sunak assured attendees that Kyiv's allies would stand by it "on the battlefield and beyond" for however long it took. Zelensky emphasised the significance of ongoing assistance. In a separate interview with the BBC, he said, "Some people think this is a Hollywood movie and expect results now.
"It isn't. The lives of individuals are at risk, he continued.
In order to enable Ukraine to access crucial World Bank loans to strengthen public services, including schools and hospitals, Sunak has announced UK support for Ukraine in the amount of $3 billion.
According to him, the guarantee will last for the following three years. Additionally, he announced an additional £240 million ($306 million) in funding for humanitarian projects as part of development aid.
Ursula von der Leyen, president of the European Commission, summarised the EU executive's 50 billion euro ($55 billion) support package for Ukraine over the following four years.
She added that the European Union would soon specify how it intended to use the proceeds from the assets it had taken from Russia "because the perpetrator has to be held accountable."
This year, Germany will donate 381 million euros to aid organisations, according to Annalena Baerbock, the foreign minister. 40 million euros were announced by Catherine Colonna, her French counterpart.
According to Blinken, the United States will give Ukraine an additional $1.3 billion in aid, promising to help Ukraine "rebuild its future." It is hoped that more private sector companies will join the reconstruction effort in addition to the support of governments from all over the world.
Captains of industry from significant multinationals and corporations, many of whom have endorsed a new Ukraine Business Compact, are among the delegates.
As a result of Zelensky's promises to remove obstacles like corruption and lack of financial and legal transparency, it promotes trade, investment, and the sharing of expertise with Ukraine.
Also Read: Malaysia ends Hajj flights as the final group of pilgrims departs for Saudi Arabia
According to Sunak, more than 400 businesses from 38 nations, with a combined market value of $4.9 trillion, have already committed to supporting the recovery and reconstruction of Ukraine.
According to him, a brand-new insurance programme from London would assist in financing risky investments in Ukraine by "removing one of the biggest barriers and giving investors the confidence they need to act."