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Russia’s invasion of Ukraine brought Kyiv’s economy to a standstill. The extent of the damage, however, will not be fully known until the war ends. CNBC examines how long it will take Ukraine to restore its economy and how the process might unfold.
There is no end in sight to the human cost and economic toll from Russia’s invasion of Ukraine.
The World Bank and the European Commission have estimated that the total cost of reconstruction of Ukraine has surpassed $400 billion. Other institutions have gone as far as predicting a $1 trillion bill.
The European Union is looking at how to use frozen Russian assets in the region to help pay for the rebuilding of Ukraine. Anders Ahnlid, a Swedish official chairing these discussions, told CNBC there are many steps before money can be transferred to Kyiv, but they are working to do that as soon as possible.
“We know that there is more than 200 billion euros in Russian central bank’s assets in European countries. And in addition to that, there is also around 20 billion euros of private frozen assets,” Ahnlid said.
Even though the conflict is ongoing, which complicates the rebuilding efforts, Ukraine hopes to attract international support from other governments and private investors.
Ukraine President Volodymyr Zelenskyy and BlackRock CEO Larry Fink agreed to coordinate investment in rebuilding the country. At least two international conferences have also been organized to increase contributions to Ukraine, including $57 billion dollars pledged by the EU and the U.K. In addition, Ukraine has also signed a deal with JPMorgan to help support the rebuilding efforts.
Watch the video above to find out how Kyiv plans to rebuild the country.
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