'Russia must feel the full price of its aggression': Zelensky calls for confiscating Russian Central Bank funds
'Russia must feel the full price of its aggression': Zelensky calls for confiscating Russian Central Bank funds
Washington: In an appeal to the leaders of the IMF and World Bank, Ukrainian President Volodymyr Zelensky on Wednesday reiterated his call for the confiscation of assets held abroad by the Russian Central Bank and their use in Ukraine’s reconstruction.
Addressing a virtual roundtable hosted by the World Bank and the International Monetary Fund (IMF) on Wednesday, Zelensky said,”To charge the aggressor with compensation for damages…Russia must feel the full price of its aggression.”
The US announced at the start of Russia’s invasion that America and its allies had blocked access to more than $600 billion that Russia held outside its borders.
The US and its allies continue to impose rounds of targeted sanctions against companies and the wealthy elite with ties to Russian President Vladimir Putin.
During the meeting, Zelenskyy also stood up and called for a moment of silence for a Ukrainian soldier who appears to have been beheaded.
In the most recent accusation of atrocities allegedly committed by Russian troops, a horrifying video purporting to depict the beheading swiftly went viral online and sparked indignation in Ukraine.
Meanwhile, the World Bank announced today $200 million in grant financing for a project that will repair Ukraine’s energy infrastructure.
The funds for this project are provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund, with additional funding of up to $300 million envisaged to come from partners through grants and other contributions as the project expands its scope.
The Restoration Project of Winterization and Energy Resources will support emergency repairs to the electricity transmission and heating infrastructure by urgently procuring critical equipment.
Emergency electricity equipment includes autotransformers, transmission transformers, switchgear and circuit breakers, relay protection devices and other equipment. Emergency equipment for the heating infrastructure includes mobile heat-only boilers, mobile mini cogeneration units, as well as other equipment and parts to repair district heating networks.
“Now in its second year, Russia’s invasion of Ukraine continues to have devastating economic and humanitarian consequences,” said World Bank Managing Director of Operations Anna Bjerde.
“Energy infrastructure has suffered $11 billion in damages over the last year and is one of the most critical areas where Ukraine needs urgent support. We are grateful for the strong partnership with Ukraine and development partners to support this critical sector and act fast.”
To date, the World Bank has mobilized more than $23 billion in emergency financing for Ukraine, including commitments and pledges from donors.
The Russia-Ukraine war that started on 24 February has taken numerous lives and the war continues to escalate between the two nations even now. The biggest land conflict in Europe since the Second World War has displaced millions leaving Ukrainian cities, towns and villages in ruins and disrupting the global economy.
With inputs from agencies
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