Zelenskyy demands frozen Russian assets be unlocked to rebuild Ukraine
Photo: Ukrainian President Volodymyr Zelenskyy (Getty Images)
The West must use not only the income from frozen Russian assets but also the assets themselves. The funds should go toward Ukraine's reconstruction, says Ukrainian President Volodymyr Zelenskyy at the Ukraine Recovery Conference in Rome.
"We must clearly agree that frozen Russian assets should go toward Ukraine's recovery. Not only the income from these assets, but the assets themselves must be used much more actively than they are now to help save lives," Zelenskyy said.
He added that Ukraine also needs a clear recovery system — a special recovery fund and financing at various levels for the state budget and local communities.
"We are very, very open to working with any business that can support our strengths, logistics, and, of course, rebuilding," Zelenskyy noted.
Frozen Russian assets
After Russia's full-scale invasion of Ukraine, Western countries froze about $300 billion of assets from Russia's Central Bank. These funds are held in accounts at European and American financial institutions. The largest share is in the European Union, especially in the Euroclear clearinghouse.
The issue of asset usage has been raised for several years. Currently, Ukraine's allies use the income from the assets to support Kyiv.
According to Minister of Foreign Affairs Andrii Sybiha, Kyiv is now witnessing an evolution in the positions of European countries regarding the use of these assets.
