Ukraine Needs EUR 500-600 Billion For Recovery - European Commission

The Executive Vice President of the European Commission, Valdis Dombrovskis, said that Ukraine needs between EUR 500 and EUR 600 billion for reconstruction.

Politico has said this in a statement, Ukrainian News Agency reports.

"Ukraine needs between EUR 500 and EUR 600 billion for reconstruction, a senior European Commission official said on Wednesday, promising that the EU will cover a 'significant' part of this amount," the publication said.

It is noted that speaking in Marrakech, Dombrovskis said that such efforts would require coordination by the international community, and the European Union is ready to carry out this coordination.

"The EU will also 'provide a major and very meaningful support to meet these reconstruction needs,'" he said.

Dombrovskis also noted that a proposal would be put forward later in May that "links this support for infrastructure reconstruction ... with structural reforms that Ukraine may need as an EU candidate country."

According to the report, EU officials are urging Brussels to take the lead in providing Marshall Plan-like assistance to Ukraine after the cessation of hostilities as part of Ukraine's EU accession efforts.

It is noted that there are various ideas on how to finance these efforts, including through the confiscation of frozen Russian assets, forcing Russia to pay as part of a peace settlement, or channeling money from international donors.

As Ukrainian News Agency reported, Prime Minister Denys Shmyhal stated that at least USD 600 billion would be needed to restore Ukraine.

Head of the Office of the President Andrii Yermak said that the EU could provide hundreds of billions of euros for Ukraine's long-term recovery.