Ukraine at a crucial stage in transferring frozen assets of russian Central Bank - Iryna Mudra

Ukraine is approaching a critical moment in the process of transferring frozen russian assets to restore and compensate for the losses caused, said Deputy Head of the President's Office Iryna Mudra.

According to her, as a result of constant attacks and destruction of infrastructure and housing, the total amount of losses has already reached USD 589 billion. At the same time, a significant part of this amount can be covered by the USD 300 billion frozen under international sanctions against the russian federation.

Earlier, the European Parliament adopted a resolution in which it recognized that russian sovereign assets frozen in the EU should be confiscated and directed to the defense and reconstruction of Ukraine. This step complements a number of similar decisions of the Parliamentary Assembly of the Council of Europe.

Polish Prime Minister Donald Tusk, Lithuanian Foreign Minister Kęstutis Budrys, Estonian Foreign Minister Margus Tsahkna, Estonian President Alar Karis, as well as the EU High Representative for Foreign Affairs and Security Policy, Vice-President of the European Commission Kaja Kallas, also support the transfer of assets to Ukraine.

The biggest opponents of this decision were previously France and Germany, Mudra notes. However, the situation is changing: the French parliament has already adopted a resolution in support of Ukraine with a call to transfer frozen russian assets for the reconstruction of the country.

Experts emphasize: there are no legal or economic risks in transferring assets to Ukraine. This is purely a matter of political will.

Initially, back in 2022, the concept of an international compensation mechanism - one of the most important tools for holding russians accountable for their crimes - was presented. And already in November of the same year, they received a decision from the UN General Assembly, which allowed to launch the legal processes for its creation.

Then, the first element of this mechanism - the Register of Damages, which was created under the auspices of the Council of Europe in May 2023 and launched in April 2024 - was developed.

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