Ukraine needs $750 bn for recovery plan, says Prime Minister

Ukraine needs $750 billion for a three-stage recovery plan in the wake of Russia's invasion, its Prime Minister said on Monday.

Denys Shmygal told the Ukraine Recovery Conference hosted by Switzerland that there had been over $100 billion of direct damage to Ukrainian infrastructure from Russia's invasion. "Today, the direct infrastructure losses of Ukraine stand at over $100 billion," he said. "Who will pay for the renewal plan, which is already being valued at $750 billion?"

Shmygal added that the Ukrainian government believed that a key source of funding for the recovery plan should be assets confiscated from Russian oligarchs. He said Ukraine's recovery plan had three phases: A focused on fixing things that matter for people's daily lives like water supply which is ongoing, a "fast recovery" component that will be launched as soon as fighting ends and one that aims to transform the country over the longer term.