The 2025 Ukraine Recovery Conference (URC) was held yesterday in Rome, co-hosted by the Italian and Ukrainian governments for two days. The conference aims to discuss the modernization recovery and reconstruction of Ukraine. If Ukraine were to concede sovereignty over four territories occupied by Russia, a substantial reconstruction cost could fall back on Russia.

The conference focused on a proposed "peace plan" by Donald Trump, which includes requests for Ukrainian forces to withdraw from Donetsk, Luhansk, Zaporizhia, and Kherson. According to the World Bank, the reconstruction cost for these areas over the next decade is estimated at no less than $524 billion, which would financially burden Ukraine significantly.

Furthermore, just before the conference, Kyiv experienced a large-scale airstrike from Russia, prompting German Chancellor Merkel to condemn the attacks as acts of terror against civilians. While U.S. Secretary of State Rubio and Russian Foreign Minister Lavrov discussed peace negotiations, the path to a resolution is still fraught with difficulties, suggesting a long and arduous recovery process for Ukraine's future.