LONDON — European Commission President Ursula von der Leyen stated that a cease-fire in Ukraine is insufficient, emphasizing the need for lasting peace in the region, in an interview with CNBC. Von der Leyen expressed concerns about a cease-fire leading to a “frozen conflict” and emphasized the importance of avoiding further flare-ups.
Furthermore, von der Leyen highlighted the negative impact of a protracted conflict on investment prospects in Ukraine, making a “real peace” imperative for attracting investment and ensuring stability in the region. She stressed the need to learn from the events since 2014 and pursue a sustainable solution.
The conflict in Ukraine dates back to 2014 when Russia illegally annexed Crimea. Kyiv has been engaged in a counteroffensive since February 2022 to recapture Russian-occupied territories in the south and east of the country. Although Kyiv has made small gains, peace talks have proven elusive.
Despite skepticism surrounding international proposals, such as China’s 12-point plan, von der Leyen acknowledged China’s potential role in the peace process due to its influence on Russia as a permanent member of the U.N.
In addition to discussions on the peace process, Western governments are increasing their efforts for the future reconstruction of Ukraine. U.K. Prime Minister Rishi Sunak announced loan guarantees worth $3 billion over three years at the conference, while the European Union pledged 50 billion euros ($54.58 billion) of aid between 2024 and 2027.
Von der Leyen emphasized the importance of government coordination and private sector involvement in providing aid to Kyiv. She stated that private investors possess valuable knowledge, expertise, and financial resources necessary for successful reconstruction.
A March report by the World Bank and the European Commission estimated the cost of reconstruction in Ukraine to be approximately $411 billion. However, this estimate does not account for the recent damages caused by the collapse of the Nova Kakhovka dam and subsequent floods. As the war continues, the cost of reconstruction will inevitably rise.
Ursula von der Leyen, European Commission President, participates in a donor conference for Ukraine in London.
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