Ms Truss appears to be following the lead of other countries, such as Canada, who have taken similar steps in support of the war effort in Ukraine and eventual reconstruction. She is likely to announce the plans today at a conference on Ukraine’s reconstruction in Switzerland.
It is estimated that more than 120,000 homes in Ukraine were destroyed in the war and the country will need billions in aid to rebuild its infrastructure and economy.
The conference in Lugano, Switzerland, will focus on the reconstruction of Ukraine and it is believed that most of Ukraine’s political leaders will attend in person or virtually.
Ms Truss expressed her support for the idea of confiscating Russian assets as she spoke to MPs in parliament last week.
She said: “I support the concept. We look at it very closely. The Canadians have, in fact, just passed legislation. This is an issue that we are working on with the Ministry of the Interior and the Treasury, but I certainly agree with the concept. We just need to get the details right.”
She said this would likely require legislation to be passed by parliament.
At today’s conference, Ms Truss is expected to highlight the UK’s support to date in Ukraine’s eventual reconstruction, including $1.5 billion (£1.24 billion) through multilateral loan guarantees and a further £100 million in bilateral aid.
She is expected to say: “Ukraine’s recovery from the Russian war of aggression will be a symbol of the power of democracy over autocracy. It will show Putin that his efforts to destroy Ukraine have only resulted in a stronger, more prosperous and more united nation.
“The UK is resolute in its support for Ukraine’s territorial integrity and will stand by Ukraine’s side as it emerges as a strong, thriving and advanced democracy. We have supported Ukraine during the war and will continue to lead the way in supporting the Ukrainian government’s reconstruction and development plan.”
For now, the main focus remains on the war in Ukraine, as reconstruction efforts will be determined by the length of the war and the amount of further destruction in Ukraine. It would also likely depend on whether Russia keeps the eastern regions under its occupation in any negotiations — something Ukraine has so far ruled out.
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More than 6 million Ukrainians are believed to have fled the country, while an additional 6-7 million are estimated to have been internally displaced to western Ukraine.
One of the goals of the conference in Switzerland will be to strengthen Ukraine’s position as a western-oriented economy after the war. It is likely to promote a vision where Ukraine’s agricultural, renewable energy and technology sectors are aligned with the European economy.
However, there are challenges to Ukraine’s integration with Europe and the West in general.
A sensitive topic is the corruption that plagued Ukraine before the war, and how to ensure strong anti-corruption institutions are in place while large amounts of cash flow into the country from the US, Europe and the UK.
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The conference in Switzerland was to take place before the Russian invasion of Ukraine and was intended to focus on economic and democratic reforms in the country.
After the Russian invasion, the conference was repurposed to discuss Ukraine’s post-war reconstruction.
However, experts say that given the current situation, the chances of a ceasefire or peace negotiations to end the conflict quickly are extremely unlikely.
While the west and northwest of the country has been relatively quiet in recent weeks, it’s unclear how much of the rebuilding effort may begin as the war continues.
It’s possible that things like clearing collapsed buildings and clearing mines from populated areas could continue as the conflict continues.