19:31 02.05.2022

Number of countries prepare legislative mechanisms for confiscation of Russian property to compensate Ukraine for military losses

3 min read
Number of countries prepare legislative mechanisms for confiscation of Russian property to compensate Ukraine for military losses

A number of countries are preparing bills that will economically hit the Russian Federation in order to stop financing the war with Ukraine, as well as allow for the inclusion of mechanisms for the arrest and confiscation of property of the Russian Federation, as well as individuals and legal entities directly or indirectly involved in the war in Ukraine, the website of the President of Ukraine reports.

Deputy Head of the President's Office Andriy Smirnov said at a briefing on Monday that the U.S. House of Representatives supported a bill that would allow the U.S. President to implement the procedures necessary to seize and confiscate the property and accounts of foreign citizens whose wealth was partly obtained through corruption associated with the regime of the President of the Russian Federation, or those who provide political support for his regime.

"Such assets should be maintained, used, administered, sold for the benefit of the people of Ukraine, in particular, for the reconstruction of the country and the provision of humanitarian assistance to its population, as well as other types of assistance, among other things, assistance in the security sphere," Smirnov said.

The Deputy Chief of the President's Office also said that changes to Canada's sanctions laws are underway to allow the redistribution of seized foreign assets to compensate victims or to help rebuild a foreign country after a war.

According to Smirnov, one of the important areas of work is providing real compensation to Ukraine, its citizens, companies and enterprises for the damage caused by the invasion of the Russian Federation. The Ministry of Justice has already developed the concept of a special mechanism for providing such compensation built on international cooperation. "The operation of such a mechanism will cover the issue of consideration by the commission of applications for damages, payments to victims from the funds of the created fund, and will also include issues of enforcement of decisions of the commission, international and foreign courts by local courts of foreign states," he said.

In addition to direct compensation for damage, it is assumed that such a mechanism will also allow foreign states to transfer assets frozen as a result of the application of sanctions against the Russian Federation, its leadership and persons close to it. In the coming weeks, negotiations and consultations will begin at various levels with partner states and representatives of international organizations involved in the implementation of the mechanism, Smirnov said.

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