EU planning mechanism to use confiscated Russian assets to fund Ukraine's reconstruction

European Union (EU) is trying to draft a mechanism that would allow use of confiscated Russian assets to be used for reconstruction of Ukraine. Ursula von der Leyen, president of European Commission, has said that new provision will restore justice as it would make Russia foot bill of widespre destruction that its forces have wreaked on Ukrainian soil. Furrmore she said that  EU is seeking to use assets of Russian government and Russian oligarchs money for reconstruction efforts in war torn nation, Kyiv Independent reported.

Speaking at a press conference in Strasbourg, France, der Leyen said that bloc will establish a "legal framework" that would allow m to use assets from Russia and help in restoration of Kyiv."I think it is a matter of justice to consider this issue," she said.  platform will be used to map and calculate total investment needs, as well as coordinate action and channel resources, von der Leyen told Ukraine Recovery Conference in Swiss city of Lugano separately, where Ukraine's President Volodymyr Zelenskyy me such a demand. 

"Since beginning of war, European Union has mobilized around €6.2 billion ($6.48 billion) in financial support," von der Leyen said. "More will come. We will engage substantially in mid- and long-term reconstruction."

dedicated platform will bring countries, institutions, private sector and civil society toger to work in collaboration with international organisations like European Bank for Reconstruction and Development and European Investment Bank for enabling war recovery in Ukraine. "Through reconstruction platform, European Commission can offer its extensive expertise in running programs that combine reform and investments," der Leyen said. "In dition, we have been working closely with Ukraine for a long time. And this work will only intensify now that Ukraine has formally become a candidate to join our Union."  

Ukraine PM suggests 3-tier offices In UK, US, EU for rebuilding efforts

Earlier, in order to felicitate rebuilding efforts in  aftermath of a war, Ukraine h proposed to build three tier offices dedicated to restoration tasks in Washington, Brussels, London and or cities. main hequarter, however, has been suggested to be located in Ukrainian capital Kyiv. Making a speech at a conference in Lugano, Switzerland, Ukraine's Prime Minister Denys Shmyhal said that recovery of Ukraine will consist of three levels, first will constitute leers of states that will be key decision makers, second will consist of  joint coordination group, which will include hes of executive power who will implement rebuilding projects. " third level is matic groups by industry direction, at least 24 groups of National Council for Restoration of Ukraine," he continued. 

Zelenskyy stressed that  eventual restoration of Ukraine will cost an estimated $750bn (£620bn) recovery plan, which he described was task of democratic world. Speaking via video link to a high-level conference at  Lugano, Switzerland, Zelenskyy said that Ukraine's recovery plan shall be executed by seizing assets of Russian Oligarchs.