Russia Must Feel Full Price Of Its Aggression: Zelensky To World Bank, IMF

Ukrainian President Volodymyr Zelensky made an appeal to the heads of the IMF and World Bank on Wednesday and renewed his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine.

"To charge the aggressor with compensation for damages...Russia must feel the full price of its aggression." Ukrainian President Volodymyr Zelensky said by video link.

At a virtual roundtable hosted by the World Bank and the International Monetary Fund on Wednesday (local time), Zelensky stood and called for a moment of silence for a Ukrainian soldier who appears to have been beheaded. A gruesome video that purports to show the beheading spread quickly online and drew outrage in Ukraine, in the latest accusation of atrocities said to have been committed by Russian troops.

Also, the World Bank announced today USD 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 USD 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 USD 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 USD 23 billion in emergency financing for Ukraine, including commitments and pledges from donors.

The Russia-Ukraine war that started on February 24 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.

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