Ukrainian President Volodymyr Zelensky and Prime Minister Denys Shmyal announced that “rebuilding Ukraine will cost at least $750 billion” during the opening of a conference in Lugano in southern Switzerland that outlines Ukraine’s future recovery.

“The restoration of Ukraine is the common task of the entire democratic world,” Zelensky said in a video address at the conference, adding that “the restoration of Ukraine is the greatest contribution to maintaining world peace.”

Swiss conference organizers had hoped Zelensky would come in person, but he only did a video interview at the event, which brought together officials from Ukraine’s allies, international institutions, and the private sector. The task at hand is difficult, especially since the outcome of the war is still uncertain, despite the large military and financial assistance of the Allies and the advance of the Russians, which has become much slower than expected.

On Sunday, Prime Minister of Ukraine Denys Shmyhal arrived in Lugano, accompanied by Parliament Speaker Ruslan Stevanchuk, on a Swiss Air Force plane. They were received by Swiss President Ignacio Cassis.

Shmygal asked: “Who should pay for the $750 billion reconstruction plan?”, replying that “the main source of funding could be the confiscation of the assets of Russia and Russian oligarchs, frozen under international sanctions against Moscow, in an attempt to stop the fighting.” “Estimates of the frozen assets range from $300 billion to $500 billion,” said Schmigal, who also outlined his government’s three-phase reconstruction plan.

He noted that “the most urgent need is to help the war-affected population before funding thousands of reconstruction projects in the second phase. In the long term, Ukraine must become European, green and digital.”