Ukraine Infrastructure Minister: "Russia's Invasion Caused $100 Billion in Property Damage"

In Just Over a Month, Increased Tenfold: "20-30% of Ukraine's Infrastructure Damaged"

Oleksandr Kubrakov, Minister of Infrastructure of Ukraine [Image source= Oleksandr Kubrakov Facebook]

[Asia Economy Reporter Park Byung-hee] Oleksandr Kubrakov, Ukraine's Minister of Infrastructure, stated that the property damage Ukraine has suffered due to Russia's invasion amounts to $100 billion (approximately 123 trillion KRW).

Minister Kubrakov said that 20-30% of Ukraine's infrastructure has been destroyed or damaged, according to major foreign media reports on the 18th (local time). The estimated property damage has increased tenfold in just over a month. He had previously stated in early last month that the property damage was about $10 billion.

Minister Kubrakov said that more than 300 bridges in Ukraine have been destroyed or damaged, and the length of roads that need repair or complete reconstruction exceeds 8,000 km. He also added that dozens of railway bridges have been completely destroyed. He mentioned that reconstruction work has begun under the control of military units for some infrastructure.

Minister Kubrakov said, "If everyone works quickly, I believe almost all destroyed infrastructure can be rebuilt within two years."

Minister Kubrakov said that frozen Russian assets will help with infrastructure reconstruction. He said, "I believe the West will support Ukraine's reconstruction," and added, "There are various ways to find funds to support reconstruction efforts." He continued, "There are several sources of funds to consider, and the primary source to be reviewed is the frozen assets of the Russian Federation held by almost all major advanced countries."

In fact, the European Union (EU) is considering establishing an international fund for Ukraine's reconstruction, and proposals to utilize frozen Russian assets have emerged within the EU political circles.

Minister Kubrakov said that the Ukrainian Ministry of Justice and Ukraine's allies are looking for ways to utilize the frozen Russian assets. He mentioned that selling the frozen Russian assets to raise funds could be a priority, referring to the concept of a so-called "transparent mechanism" for asset sales. He said, "I believe that sales through a transparent mechanism, which has never been used before, are legitimate," and added, "Since there is no precedent for a transparent mechanism, some pioneering work will be necessary."