Rebuilding Ukraine is a common endeavour, which requires EU solidarity and the use of Russia’s confiscated assets

Author: Alberto Cuena Vilches

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Ukraine

Renew Europe has welcomed the proposals unveiled by the European Commission today, including €9 billion in macro-financial assistance in 2022 and a longer term reconstruction platform to ensure there is a massive EU backed investment programme to rebuild and reconstruct Ukraine. Damage to Ukraine’s infrastructure has already amounted to more than $94 billion according to the Kyiv School of Economics. Total economic losses are estimated at $600 billion.

Renew Europe calls for proposals to explore how assets frozen as a result of sanctions could be confiscated in accordance with international law, as well as for ambitious EU backed instruments to reconstruct of Ukraine.

The European Parliament will tomorrow adopt a resolution on the social and economic consequences for the EU of the Russian war in Ukraine, which will request a number of ambitious measures to reinforce the EU’s capacity to act, including the creation of a multi-billion Strategic Autonomy Fund for Europe ("SAFE") to invest for the future and enhance the EU‘s strategic autonomy.

Luis Garicano MEP, Vice - President of Renew Europe said:

‘Rebuilding Ukraine and undoing the economic damage done is both an immediate task and a generational one, which we cannot shy away from. Ukraine stands alone as a European partner, fighting for our freedom.’
‘In the short term, we have to work with international partners to ensure Ukraine’s immediate liquidity needs are met. The €9 billion in macro-financial assistance for 2022 announced today is a much-needed step, but more extensive assistance should not be ruled out’.
In the longer term, the EU must be ready to use its collective weight to rebuild Ukraine after the war and no instruments should be off the table. Putin’s regime must play its part and also pick up the bill for the reconstruction of Ukraine; all existing precedents should be explored to ensure Russia’s confiscated assets can be used for the benefit of the people of Ukraine.’