Ukrainian Foreign Minister Andriy Sybiga called on international partners to proceed with the confiscation of Russian assets and direct these funds to support Ukraine.
Points of attention
- Ukraine calls on partners to proceed with the confiscation of Russian assets to strengthen the country's defense capabilities and support its stability.
- Confiscation of the assets of the Russian Federation is a fair and legal step to force the aggressor to compensate for the damages caused.
- The agreement between Ukraine and the EU on the use of proceeds from frozen assets of the Russian Federation establishes a legal framework for attracting financial resources to support the Ukrainian economy.
- The credit cooperation mechanism of up to €45 billion will allow the funds to be used to cover the principal amount of the loan and reduce additional costs associated with loan repayment.
- Funds received through the credit cooperation mechanism can only be used to repay loans provided to Ukraine as part of the G7 initiative to increase revenues to the country's budget.
Partners should move from freezing Russian assets to confiscating them
Ukrainian Foreign Minister Andriy Sybiga stressed that frozen assets are not enough.
He called for using not only profits, but also Russia's assets themselves to strengthen its defense capabilities, restore the economy, and support Ukraine's stability.
"Forcing the aggressor to compensate for the damages caused is a fair and legal step," Andriy Sybiga emphasized.
When it comes to immobilized Russian assets, it is time to move from freezing to seizing—use not only profits, but also assets themselves, to support Ukraine's defense, resilience, and recovery. It is fair and legitimate to make the aggressor compensate for the damages and harm.
— Andrii Sybiha 🇺🇦 (@andrii_sybiha) December 15, 2024
What is known about the agreement between Ukraine and the EU on the use of profits from frozen assets of the Russian Federation
According to representatives of the Ministry of Finance, the head of the department, Serhiy Marchenko, signed an agreement with the EU to begin implementing a credit cooperation mechanism for Ukraine.
Representatives of the agency emphasize that this mechanism establishes a legal framework for servicing and repaying funds received by Ukraine, which can reach up to 45 billion euros.
The mechanism will allow the use of proceeds from frozen sovereign assets of the Russian Federation to cover the principal amount of the loan raised from partners within the framework of the G7 ERA initiative, as well as interest and any other costs associated with the loan, the message emphasizes.
Funds available through the ULCM can only be used to repay relevant loans provided to Ukraine by creditors under the G7 initiative for additional loans to increase revenues to the Ukrainian budget.
