The President of Ukraine proposed to conclude a multilateral international treaty providing for the confiscation of Russian assets abroad and their transfer in favor of those who “suffered from the actions of the Russian army”
Ukraine offers partner countries to conclude an international treaty and create a mechanism for the withdrawal of Russian foreign assets in favor of Kyiv. This was stated by Ukrainian President Volodymyr Zelensky in a video message on Telegram.
The President of Ukraine believes that on the basis of such an agreement, Russian funds and property that are in the jurisdictions of the partner states should be arrested or frozen, and then confiscated and sent to a specially created fund
According to Zelensky, at the expense of this “each and everyone who suffered from the actions of the Russian army will be able to receive compensation for their losses.”
The need for a “legitimate international mechanism” that would provide Ukraine with compensation for the damage caused as a result of hostilities was previously stated by the head of the office of the Ukrainian president, Andriy Yermak. “Compensations can be both the mentioned special taxes and duties on Russian energy carriers and transactions, as well as state and private property. However, Russia's foreign assets are protected by sovereign immunity, and the rights of the oligarchs— inviolability of private property,»,— he said.
In early May, Zelensky announced that $600 billion would be needed to restore Ukraine after the Russian military operation. Prime Minister of Ukraine Denys Shmygal also mentioned this amount. According to him, it will be needed to restore the economy and infrastructure in the long term.
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According to Anton Siluanov, the head of the Russian Ministry of Finance, about half of the gold and foreign exchange reserves were frozen due to sanctions: about $300 billion out of $640 billion.
The head of the US Treasury, Janey Yellen, said that the idea of arresting Russian assets and transferring them to Kyiv natural given the “enormous destruction and cost of rebuilding,” but in the United States such action would be illegal. The head of the European Commission, Ursula von der Leyen, in turn, said that the EU is looking for ways to use the assets of Russians frozen under sanctions to restore Ukraine. In her opinion, Russia “should do its part.”
Press Secretary of the President of Russia Dmitry Peskov said that the seizure of assets for these purposes “was illegal, blatant”; and demanded a response from Moscow. He noted that no one officially notified the Russian side of such plans. Earlier, Peskov compared the seizure of assets of Russian businessmen with a robbery in the Wild West.
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