PACE calls for transfer of frozen Russian assets to rebuild Ukraine

What the resolution provides for:

• Establishing an international compensation mechanism under the auspices of the Council of Europe to fully compensate individuals and legal entities, including Ukraine, for damages caused by Russian aggression.
• Active cooperation among states to expedite the transfer of Russia's existing assets to the established international compensation mechanism.
• Establishing an international trust fund to hold all Russian state assets.
• Creating an impartial and effective international commission to consider claims filed by Ukraine, affected entities, and individuals seeking compensation for damages caused by Russian aggression.

"The Assembly calls for extending the resolution's scope to include the assets of Russian oligarchs in the EU who collaborate with the Kremlin. This was my amendment, which I actively advocated for," said People's Deputy Oleksii Honcharenko.

Confiscation of Russian assets

Recently, the EU ambassadors reached an agreement on using profits from frozen Russian assets to help Ukraine. It was also reported that the diplomats allowed the transfer of income from Russian assets to a separate account.

At the end of 2023, the Western press reported that the United States proposed that G7 countries confiscate $300 billion of frozen Russian assets for the benefit of Ukraine. The initiative was supposed to be approved by February 24, 2024.

European Commission President Ursula von der Leyen also proposed using the profits from Russian assets to buy weapons for Ukraine.

During the first day of the summit on March 21, EU leaders discussed directing profits from frozen Russian assets to purchase weapons for Ukraine and reached a preliminary agreement.