Ukraine reconstruction cost estimated at $750 billion – some could come from seized Russian assets: Live updates

The cost of rebuilding battered Ukraine after the war is estimated at a staggering $750 billion, but some of that funding could come from the source of the damage.
Just as he asked the international community for help in his country's attempt to repel the Russian invasion, Ukrainian President Volodymyr Zelenskyy said at the Ukraine Recovery Conference in Switzerland that reconstruction would require a global effort.
"The reconstruction of Ukraine is not a local project, not a project of one nation, but a joint task of the entire democratic world - of all countries, all countries that can claim to be civilized," Zelenskyy said in a video message. “Restoring Ukraine means restoring the principles of life, restoring habitat, restoring everything that makes people human.”
Ukrainian Prime Minister Denys Shmyhal, who personally attended the Lugano conference, committed the sum of $750 billion and presented a recovery plan for immediate and long-term needs.
Shmyhal also said a major source of funding "should be the confiscated assets of Russia and Russian oligarchs," which could currently total $300-500 billion.
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Latest developments
►Ukrainian President Volodymyr Zelenskyy thanked the International Olympic Committee for supporting a ban on Russian athletes in most Olympic sports. Russia on Tuesday has an appeal hearing against its ban on international football at the Court of Arbitration for Sport in Lausanne, Switzerland.
►Pope Francis, who has condemned the "savagery" and "cruelty" of Russian troops in Ukraine, said he hoped to visit Moscow and Kyiv after his July 24-30 trip to Canada.
Putin declares victory in Luhansk province and orders troops to rest
Russian President Vladimir Putin on Monday declared victory in the battle for Ukraine's Luhansk province and ordered a rest for his troops before continuing the Kremlin's bid to take control of the entire Donbass industrial region.
"Military units that took part in active hostilities and achieved successes and victories should rest and increase their combat capabilities," Putin said on state television.
Russian Defense Minister Sergei Shoigu reported that Russian troops had taken control of Lysychansk, the last major disputed city in Luhansk. Earlier, Ukraine's military said it was forced to withdraw given Russia's advantage in artillery, aviation, ammunition and personnel. Holding out any longer would have "fatal consequences" for its troops, the military said in a Facebook post.
"We just have to keep fighting," the post said. “Unfortunately, steel will and patriotism are not enough to be successful. Material and technical resources are needed.”
The war continues to have "devastating effects" on Ukraine's agricultural exports
Despite claims by Russia to the contrary, its invasion is still "having a devastating impact on Ukraine's agricultural sector," the UK MoD said in its latest intelligence assessment.
The ministry said the Russian blockade of the key Black Sea port of Odessa severely limits Ukraine's ability to export grain while the harvest has started. In addition, the war disrupted the supply chain for seeds and fertilizers that farmers use.
That combination will most likely see Ukraine's agricultural exports shrink to 35% or less this year from 2021 levels, the ministry said, noting that the drastic reduction in a major wheat producer is contributing to the global food crisis.
Russian military lacks 'precise modern weapons'
Russia's increasing use of outdated weapons in a string of deadly attacks could be evidence its military lacks more accurate modern weaponry, military analysts say.
Russian bombers have used 1960s-era KH-class missiles, designed primarily for aircraft carriers with nuclear warheads, that lack the ability to accurately hit ground targets, officials say. The guns were used in two attacks last week on a mall and an apartment building that killed dozens of civilians.
"Russia continues to use air-launched anti-ship missiles in a secondary role in land attacks, likely due to dwindling stocks of more accurate modern weapons," Britain's MoD said on Twitter.
Both Russia and Ukraine have expended large amounts of arms in a grueling war of attrition over the eastern Donbass region. President Joe Biden said last month the US would supply Ukraine with longer-range precision missiles, but it's not yet clear how much of a difference they will make.
Contribution: The Associated Press
This article originally appeared on USA TODAY: Live updates from Ukraine: Reconstruction costs estimated at $750 billion
Volodymyr Zelenskyy
Sixth and current President of Ukraine
Wladimir Putin
President of Russia
Denis Schmyhal
Ukrainian politician

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