Ukraine's recovery, modernization to cost $1 trln within 14 years - PM

MOSCOW. July 10 (Interfax) - It will cost Ukraine $1 trillion to recover and modernize within 14 years, Ukrainian media reported, citing Prime Minister Denis Shmygal.

"Our concept envisages the establishment of two funds totaling $1 trillion. The first is the Ukraine Fund worth $540 billion, which is how much the World Bank estimates Ukraine's restoration will cost. This fund will comprise confiscated Russian assets, as well as a special tax on the export of Russian raw materials. The second fund is the European structural fund in support of Ukraine worth $460 billion. This will be a platform for European private sector investment in Ukrainian production," the media quoted Shmygal's statement on a social network, following his online speech at the Ukrainian Donor Platform at the ministerial level as part of the Ukraine Recovery Conference (URC2025) in Rome, Italy.

"We are preparing for various scenarios. We are offering European partners to invest in European defense by co-financing the Ukrainian Army. Military spending currently amounts to $100 billion - $120 billion. The Ukrainian Army's keep will cost 50 billion euros a year in the peacetime, excluding production of weapons. We are hoping that the EU would provide half of that amount," Shmygal said.

Russian officials have repeatedly said that confiscation of Russian assets is a theft that would not go unpunished.