Zelenskyy calls on partners to create legal framework for transferring Russian assets to Ukraine

KATERYNA TYSHCHENKO — Saturday, 6 January 2024, 16:06

Volodymyr Zelenskyy. Stock photo: Getty Images

President Volodymyr Zelenskyy has called on Ukraine’s partners to create a legal framework for the use of frozen Russian assets to support Ukraine.

Source: Volodymyr Zelenskyy on X (Twitter)

Quote: "The decision to use frozen Russian assets to support Ukraine will be an entirely just and legitimate response to Russia's aggression against Ukraine. It will send the right message to all would-be aggressors around the world: attacking another state does not pay off; it makes the aggressor pay.

I encourage partners to move quickly on relevant legal frameworks. This year, we must achieve tangible progress toward using frozen Russian assets for the benefit of Ukraine. We firmly rely on G7 leadership on this matter."

Details: The president included a reminder that frozen Russian assets abroad amount to approximately US$300 billion. He is convinced that these assets should be used to support Ukraine.

"This is a historic opportunity to make the terrorist state pay for its terror. The Russian elite and leadership do not care about human lives, but they do care about money above all else. For them, losing assets will be the most painful loss. They will sense the true strength of the international community and see that the world is stronger than terror," Zelenskyy added.

Background:

It was previously reported that the Biden administration has stepped up efforts to confiscate about US$300 billion in sovereign Russian assets frozen in Western countries.

On 12 December, the European Commission approved a legislative proposal on the use of earnings derived from frozen Russian assets to rebuild Ukraine. The proposal was presented to the European Council on 14 December.

On 2 January, Ukraine’s Foreign Minister Dmytro Kuleba reported on the progress made regarding the confiscation of Russian assets in favour of Ukraine and said he hoped that a unified legal framework for this purpose would be approved during 2024.

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