ua en ru

Zelenskyy: Sanctions being lifted from Russian oligarchs, this needs to be stopped

Zelenskyy: Sanctions being lifted from Russian oligarchs, this needs to be stopped Photo: Volodymyr Zelenskyy, President of Ukraine (Vitalii Nosach, RBC-Ukraine)

Western partners should stop lifting sanctions on Russian oligarchs, because the regime of dictator Vladimir Putin is sustained at their expense, states Ukrainian President Volodymyr Zelenskyy during a meeting of the European Council.

During his address, Zelenskyy welcomed the decision regarding the transfer of Russian assets' profits to Ukraine. He emphasized that all enemy assets should be directed towards protecting lives. At the same time, he called on partners to find proper means to confiscate all frozen funds.

"Right now, we see sanctions being lifted from Russian oligarchs. We must stop this and strengthen sanctions, as the Putin regime relies on these funds," he added.

Transfer of profits from Russian assets to Ukraine

Since the beginning of Russia's full-scale invasion, the West has significantly intensified sanctions against the terrorist country. This includes freezing enemy assets, amounting to approximately $300 billion, though the exact figure is not disclosed.

Ukraine insisted that all assets were transferred to it as compensation for the invasion. However, Western countries were concerned about legal and reputational risks. Eventually, the European Union (EU) agreed to use the profits from frozen assets.

On May 21, the European Commission supported the decision to transfer profits to Ukraine. According to the EU's chief diplomat Josep Borrell, 90% of the proceeds from Russia's frozen assets will be allocated to the European Peace Fund for supplying arms to Ukraine, with the remaining 10% designated for the country's reconstruction.