The World Bank estimates an overall reconstruction bill for Ukraine at $349 billion, an eye-watering sum that is rising by the week. Ukrainian government sources put it at more like $700 billion. Somehow this has all got to be paid for, and it’s not going to come from Ukraine, whose economy is in tatters after months of fighting for its very survival. The chances of getting Russia to cough up are close to zero, whatever the talk of war crimes trials and reparations.
Meanwhile, sanctioned Russian oligarchs, who themselves bear considerable responsibility for Putin’s aggression, simply alter the ownership of their corporations to avoid penalties, often with their vast fortunes residing in Western banks and property empires. It is time for their wealth to come under greater scrutiny as the world figures out how to put Ukraine back together when the war eventually comes to an end.
