Ukraine reveals timeline for Western confiscation of Russian assets
Photo: Minister of Foreign Affairs of Ukraine, Dmytro Kuleba (Vitalii Nosach, RBC-Ukraine)
Countries in the West are likely to initiate the confiscation of Russian assets for the benefit of Ukraine as early as 2024. To achieve this, they are expected to establish unified rules, says the Minister of Foreign Affairs of Ukraine, Dmytro Kuleba, during a telethon broadcast.
The Minister shared that there are specific developments regarding the confiscation of assets in the United States and the European Union. Additionally, Belgium has already redirected taxes on income from Russian assets to support Ukraine.
"Now we are in the second phase, where all efforts need to be consolidated into a unified legal framework. That is, unified rules for EU countries and G7 need to be established," clarified Kuleba.
According to him, since the beginning of 2023, Ukraine has actively encouraged its partners to expedite work on this issue. This will be one of the key issues this year.
The head of the Ministry of Foreign Affairs explained that the third stage - the transfer of Russian assets to Ukraine - will commence when such a legal framework is approved.
At the same time, the minister was asked about the start date of the confiscation of Russian assets for the benefit of Ukraine.
"It will be in 2024. I will say this when they approve it, then it will come into effect. Last fall, we were far from adopting this framework, and now it is being discussed at the level of G7 and the EU for the approval of specific norms. We are approaching the creation of this legal regulation for the transfer of Russian assets," responded Kuleba.
Confiscation of Russian assets
It is worth noting that since the beginning of the full-scale war by Russia against Ukraine, the West has frozen the assets of the aggressor country. However, the transfer of these assets has not started yet, as legal grounds need to be developed.
Earlier, it became known that the United States proposed that G7 countries confiscate $300 billion of frozen Russian assets for the benefit of Ukraine. The corresponding plan aims to be agreed upon by the second anniversary of the invasion of Russian occupiers into Ukraine, as reported by the Financial Times.
