14:45 25.04.2022

Russia's funds frozen abroad can be recovered by signing intl treaty or passing relevant laws in each jurisdiction – President's Office

1 min read
Russia's funds frozen abroad can be recovered by signing intl treaty or passing relevant laws in each jurisdiction – President's Office

The mechanism for recovering Russian funds frozen abroad as compensation for damages can be implemented by signing an international agreement or adopting relevant laws in each jurisdiction where funds have been frozen, Deputy Head of the President's Office Andriy Smyrnov has said.

"The Office of the President, together with the Ministry of Justice, has developed mechanisms for recovering funds from the Russian Federation frozen abroad to compensate for the damage caused," Smyrnov said at a briefing on Monday.

According to Smyrnov, there are several mechanism implementation plans. "The main one is the signing of an international treaty, which will provide for the removal of immunity from the funds of the Russian Federation and their direction to affected citizens and legal entities, as well as the restoration of infrastructure," the deputy head of the President's Office said.

"Plan b is the adoption of an appropriate law in each jurisdiction where funds have been frozen," Smyrnov added.

The deputy head of the President's Office said that in some countries such bills have already been prepared, and negotiations with international partners will continue this week.

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