Home Business News Calls for frozen Russian assets valued at around €300 billion to be given to Ukraine

Calls for frozen Russian assets valued at around €300 billion to be given to Ukraine

by LLB Finance Reporter
4th Nov 23 7:23 am

Russian assets frozen in the West which amounts to around €300 billion should be used to compensate Ukraine for the damage caused by Vladimir Putin’s war.

This comes as an appeal to world leaders and governments was published in the Financial Times.

The appeal which was initiated by chairman of the Kyiv Security Forum Arseniy Yatseniuk, was signed by more than 30 well-known global figures, including former heads of government of European countries and many more.

“We call on the leaders of the G7 and the EU to approve the long-awaited decision to let Ukraine use Russian sovereign assets and funnel them to compensate for the damages caused and inflicted upon Ukraine and Ukrainians,” the document reads.

Read more on Russia-Ukraine war:

Western allies are too cautious in supplying much needed weapons helping Russian forces to regroup

Ukraine needs ‘superiority in the air and on land’ as Russia is forcing a ‘positional’ stage

More than 302,000 Russians killed in 18 months and over 900 ‘liquidated’ in 24 hours

Russia throwing ‘cannon fodder assaults’ in several areas in Avdiyivka with horrific losses

They insist that Ukrainian’s are direct victims of Russia’s war who have the right to receive full compensation for the damage caused to them.

Until Russia brings itself into compliance with international law and compensates Ukraine and Ukrainians fully by way of legally binding reparations, Ukraine and Ukrainians should become the recipients of Russian sovereign assets,” they add.

Today, the total amount of frozen Russian sovereign assets is around €300 billion, including a further €200 billion in the European Union.

“Russian sovereign assets should be contributed to a special Ukraine recovery fund managed by the representatives of G7 nations, in consultation with the government of Ukraine,” the document reads.

According to the World Bank they estimated, in February 2023, the cost of rebuilding Ukraine has already reached $411 billion, which is increasing daily.

The Russian sovereign assets of €300 billion fail to compensate the whole quantum of losses Ukraine has incurred yet will be a significant contribution to the cause of saving and rebuilding a democratic, resilient, European Ukraine,” the document concludes.

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