Ukrainian government creates subgroup for confiscation Russia’s assets abroad
Pravda Ukraine
The Cabinet of Ministers of Ukraine has created a separate subgroup to work on the confiscation of Russian sovereign assets abroad.
Source: Denys Shmyhal, Prime Minister of Ukraine, as reported by European Pravda with reference to the press service of the Ukrainian government
Details: Shmyhal announced the creation of the subgroup after the government adopted the draft decree of the president of Ukraine that updates the composition of the working group developing mechanisms for compensation for property damaged as a result of Russian aggression.
The subgroup will include representatives of ministries, the President’s Office, the parliament, the National Bank of Ukraine and Ukrainian and foreign experts.
Shmyhal added Ukraine is already negotiating with its partners on specific mechanisms for how Russia should pay. The confiscation of the assets is one of the topics of these discussions.
Background:
- Western states are still discussing acceptable ways of using frozen sovereign Russian assets, the estimated worth of which is €300 billion.
- The US suggests allocating the funds to Ukraine by providing loans secured by future income from frozen assets. The EU is in favour of a more cautious approach: using the interest from the frozen Russian assets – about €5 billion per year.
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