BRUSSELS (Reuters), – European Union leaders plan to reach an agreement this week regarding an international fund that will help to finance Ukraine’s reconstruction from the damage caused by Russia’s invasion. This was revealed in a draft statement of the summit.

According to EU officials, the rebuilding of Ukraine after war’s destruction by Russia will be difficult due to its main cities, industrial areas, and infrastructure.

Following a summit in Mar., leaders from the European Union will declare that “Bearing mind the enormous destruction caused to Ukraine by Russia’s military aggression”, they have pledged support for Ukraine’s immediate needs. According to Reuters’ draft summit statement, 24-25

The European Council has agreed to create a Ukraine Solidarity Trust Fund. It also called for immediate preparations, though it did not name its size.

This will make it more challenging because Ukraine has been effectively isolated from the international financial markets, and their hryvnia currency is insolvent.

Some EU officials have proposed that Russia’s assets be frozen by the West. This includes some $300 billion worth of Russian central bank reserves.

The draft revealed that EU leaders would invite other countries to join the fund.

The EU summit draft conclusions stated that “The European Council requires an international conference be organized in time to raise funds under the Ukraine Solidarity Trust Fund.”