Ukraine’s third damage assessment will determine 2024’s investment priorities for recovery.

The UN, in cooperation with the government of Ukraine, the World Bank, and the EU, has initiated the third rapid assessment of the damage done to and needs of Ukraine, which will determine investment priorities for recovery and reconstruction next year, UN Assistant Secretary-General for European Affairs Myroslav Yencha said at a meeting of the Security Council.

Previously, the cost of restoring Ukraine has been estimated at over $400B. Meanwhile, Ukraine plans to launch the Register of Damages Caused by Russia in the first quarter 2024.

“This is part of the compensation mechanism, which will consist of three components: the register, where the damages will be recorded; the commission for consideration of compensation claims; the compensation fund, from which payments will be made,” said Prime Minister Denys Shmyhal.

He added that the fund should be filled with confiscated Russian assets. Those assets amount to about €300B of sovereign assets and another €28B of private assets held in the EU and other developed countries.