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Ukraine prepares necessary outlines for utilizing frozen Russian assets

Ukraine prepares necessary outlines for utilizing frozen Russian assets Ukrainian President Volodymyr Zelenskyy (photo: GettyImages)

Ukraine is preparing the necessary framework for utilizing frozen assets of the Russian Federation and associated individuals, announces Ukrainian President Volodymyr Zelenskyy.

The Ukrainian leader has revealed that active efforts are underway to ensure that the coming year is marked by substantial financial support programs. He emphasized that this pertains to both bilateral programs with partner countries and initiatives at the European Union level, as well as the process of utilizing and confiscating Russian assets frozen in various jurisdictions.

The head of state added that the issue of utilizing frozen Russian assets was one of the crucial topics discussed during recent talks, particularly in the United States.

"The G7 nations can demonstrate their leadership – assets of a state sponsor of terrorism and those associated with it should be directed towards supporting Ukraine, safeguarding lives and people from Russian terror. This would be fair. And we are already preparing the necessary frameworks for decisions," stated Zelenskyy.

Utilization of frozen assets of the Russian Federation

European and American officials are exploring means to seize the revenues from Russian assets that have been frozen since the onset of Russia's large-scale invasion of Ukraine.

Ukraine, in collaboration with international partners, is actively working on establishing a mechanism to confiscate frozen Russian assets, including state assets, in allied countries. These funds are intended for the reconstruction of the Ukrainian state, amounting to nearly $500 billion.

Bloomberg previously reported that the EU is examining the procedure for confiscating €200 billion in assets, and the European Commission is also developing its proposals.

According to the Financial Times, G7 countries are moving closer to the confiscation of Russian assets for transfer to Ukraine.