Allies commit billions to Ukraine’s reconstruction at the London conference.
British Prime Minister Rishi Sunak unveiled a new war risk insurance framework on June 21, with the aim of facilitating business investments in Ukraine. Sunak expressed his belief that this development would remove a major obstacle for insurers in underwriting investments in Ukraine, instilling confidence in potential investors. His announcement came during the Ukraine Recovery Conference held in London, where Ukraine’s allies pledged substantial non-military aid to assist in rebuilding the country’s war-damaged infrastructure, combat corruption, and support its path towards European Union membership.
The conference, attended by representatives from over 60 countries, served as both a fundraising platform and a statement to Russia that Ukraine’s Western supporters are committed for the long term. The World Bank estimated the reconstruction costs to exceed $400 billion, a figure that continues to rise alongside the human toll caused by Russia’s invasion.
Ukrainian President Volodymyr Zelensky, addressing the delegates through a video message, emphasised the need for action rather than mere pledges. He urged the transition from ideas to agreements and from agreements to tangible projects.
On June 20, Ukrainian air defences successfully neutralised 32 out of 35 Shahed exploding drones launched by Russia, with most of the incidents occurring in the Kyiv region. This drone attack, lasting approximately three hours, exposed weaknesses in Ukraine’s air defence system after nearly 16 months of conflict. The Russian forces primarily targeted the area surrounding the Ukrainian capital, but Ukrainian air defences managed to intercept and destroy approximately two dozen drones. The attack extended to other Ukrainian regions, including the Lviv region near Poland.
Overall, the efforts at the Ukraine Recovery Conference and the response to the drone attack reflect the ongoing challenges faced by Ukraine, the need for international support, and the determination to rebuild and safeguard the country’s future.