43 states approve agreement on register of damage caused by Russian aggression, paving way for compensation
An agreement has been signed on a register of damages from Russian aggression at the Council of Europe summit in Iceland.
Source: European Pravda
Details: The agreement, which will be signed as a Council of Europe treaty, also provides for the involvement of states outside the organisation. At the same time, individual members of the Council of Europe may also abstain from signing.
As of now, 43 states, including all G7 states (including the United States, Canada and Japan, which are not members of the Council of Europe), have supported or promised to support the establishment of a register of damage to be located in The Hague after completion of internal procedures. The Council of Europe has 46 members. Seven member states have decided not to join this "anti-Russian" agreement.
The agreement provides for the creation of a database to record evidence of losses or damages caused to the state of Ukraine, individuals and legal entities due to the illegal actions of the Russian Federation, starting from 24 February 2022. This database will also include financial claims of victims against the Russian Federation. It is expected that the agreed and confirmed claims will be implemented later, when the international community agrees on a compensation mechanism and sources of funding.
The documents officially signed in Reykjavík refer to this future mechanism, indicating that it is yet to be agreed upon.
Background: At the Reykjavík summit, Ursula von der Leyen called on the world to support President Zelenskyy's "peace formula", and PACE President Tiny Kox spoke about Europe's expectations of Ukraine in an interview with European Pravda.
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