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Zelenskyy on confiscation of Russian assets: This month we come closer to decision

Zelenskyy on confiscation of Russian assets: This month we come closer to decision President of Ukraine Volodymyr Zelenskyy (photo: Getty Images)

In January, Ukraine approached a decision by the West to confiscate Russian assets, stated the President of Ukraine Volodymyr Zelenskyy.

"I would like to note the results of communication with partners regarding Russian assets: this month we have come closer to the solution we need, which will be fair. All Russian assets - the assets of the terrorist state itself and those associated with it - that are in different jurisdictions and frozen should be used to protect against Russian aggression," he said.

Zelenskyy emphasized that Russian assets should be confiscated.

"And we are doing everything to ensure that this decision is prepared in a meaningful way soon. I am grateful to everyone who helps us to promote this mechanism of restoring justice," he added.

Zelenskyy added that a new EU sanctions package is needed.

"And we are preparing it. We are also preparing new steps to limit Russia's ability to circumvent sanctions," he said.

Confiscation of Russian assets worth $300 billion

The United States has proposed that the G7 countries confiscate $300 billion of frozen Russian assets in favor of Ukraine. The plan is to be approved by the second anniversary of Russia's invasion of Ukraine.

In early January, the White House supported legislation that would confiscate about $300 billion of frozen Russian assets and use the funds to rebuild Ukraine.

The European Union has made progress in implementing plans to introduce a tax on windfall profits from the frozen assets of the Russian central bank. At the same time, the EU does not intend to confiscate this money.