Ukraine’s president has informed world finance ministers that his country requires $7 billion (£5.4 billion) per month until the summer to stay afloat.
He was speaking via video link from Kyiv to an International Monetary Fund (IMF) and World Bank conference. According to the World Bank, Ukraine has suffered physical damage worth over $60 billion.
Mr Zelensky further stated that Russia should be promptly excluded from international financial institutions such as the World Bank, IMF, and others.
Meanwhile, US Treasury Secretary Janet Yellen has stated that Russia should be held responsible for some of the costs associated with rebuilding Ukraine following the war.
It occurred as some countries demanded that seized Russian assets be used to help rebuild the country.
Ms Yellen did warn, though, that using confiscated Russian central bank deposits in the US to reconstruct Ukraine would be a “major step” that would necessitate consultation and agreement with international partners.
Denys Shmyhal, Ukraine’s prime minister, who spoke at the conference in person, claimed the country’s economic production might drop by as much as 50%, with direct and indirect losses totalling $560 billion thus far.
According to the World Bank, that number is more than three times the size of Ukraine’s gross domestic product (GDP), which was $155.5 billion in 2020.
Mr Shmyhal added that Ukraine will require a reconstruction plan akin to the Marshall Plan, which helped rebuild Europe after WWII.
Meanwhile, World Bank President David Malpass estimated that Russia’s invasion had caused $60 billion in damage to Ukraine’s structures and infrastructure, and warned that the sum would climb if the battle continues.
Mr Malpass stated that the first estimate of “limited” damage costs does not account for Ukraine’s expanding economic impact.
On Thursday, the US placed new restrictions on Russian ships, while the UK imposed import bans and higher tariffs on luxury commodities such as caviar, silver, and diamonds.
However, the Biden administration echoed Germany’s concerns about the European Union’s haste in imposing new sanctions on Russian energy, warning that it could end up costing Europe more than Russia.