The governor of Ukraine’s Central Bank told the news agency that frozen Russian assets should be utilized to rebuild Ukraine after the war. Kyrylo Shevchenko proposed a long list of further restrictions, ranging from halting card payments to denying Russia access to the IMF. Every day that sanctions are postponed, he added in an interview, “costs the lives of civilians and children.”
Mr. Shevchenko, the governor of Ukraine’s National Bank, believes that Russia should be made to pay for the harm it inflicted during the invasion. “There will be a big need for money,” he told the news agency. “It might be met by loans and grants from transnational organizations, as well as direct assistance from foreign countries.” However, a significant portion of the funding will need to come from the aggressor, including money that is currently blocked in our allied countries.”
Much of Russia’s $630 billion in foreign exchange reserves is believed to be stored outside the nation, essentially blocked by sanctions imposed by the United States, the European Union, and other countries. If Ukraine is able to access the funds once the war is finished, billions of dollars will be available for reconstruction.
Mr. Shevchenko also discussed the difficulties of maintaining the country’s financial system during a conflict. His crew is working around the clock, he claimed, with many taking refuge in underground bunkers to avoid shelling.
However, he stated that electronic payments and ATMs were still operational, and that cash was being distributed to all locations except active fighting zones.
“I am glad to state that even under martial law, the Ukrainian banking system is stable and liquid.”
“Every Ukrainian – for the people and the country – is going through a really difficult time,” he remarked. “The National Bank of Ukraine is doing everything it can to help Ukraine, its defenders, and the people who have been impacted by Russian aggression.”