Use Russian Money to Rebuild Ukraine

KIEV – Governor Central Bank Ukraine, Kyrylo Shevchenko said, assets Russia frozen ones should be used for rebuild Ukraine after the war. He called for a list of additional sanctions, ranging from cutting payment cards to suspending Russia’s access to the IMF.

He also explained that every day suspended sanctions “cost the lives of civilians and children,” he said in an interview. For security reasons, he answers questions emailed to the BBC.

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Shevchenko stressed that Russia would ultimately have to pay to repair the damage caused during the invasion. “The need for money will be enormous,” he told the BBC.

“It can be met through loans and grants from multinational organizations and direct assistance from other countries,” he said.

Also Read: Russia Has IDR 9,037 Trillion in Reserve Funds to Face US-led Sanctions

Most of the financing needed to rectify the aggression, including funds currently frozen in allied countries of Ukraine.

Meanwhile Russia’s foreign exchange reserves are worth USD630 billion, equivalent to IDR8,987 trillion (exchange rate of IDR14,265 per USD) which is estimated to be stored abroad, and is effectively frozen by sanctions from the United States (US), European Union and other places. It is believed to be a much-needed billions of dollars in reconstruction funds, if Ukraine can access them after the war ends.

Donation

About 11 billion hryvnia, or the equivalent of USD350 million, which, when converted to Rp4.9 trillion, has been paid into two special accounts set up by the National Bank of Ukraine to receive donations used for military funding and for humanitarian purposes, Shevchenko said.

A special donation account for the military was created on February 24 to accept international and local donations in multiple currencies. While a similar account for humanitarian purposes was established on March 1.

(akr)

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