Intl figures call for frozen Russian assets to be handed over to Ukraine – FT
Russian assets frozen in the West amounting to about EUR 300 billion should be used to compensate for the damage caused to Ukraine and Ukrainians, according to an appeal to world leaders and governments published in the influential British publication Financial Times.
It is noted that the appeal, initiated by chairman of the Kyiv Security Forum Arseniy Yatseniuk, was signed by more than 30 well-known international figures, including former heads of government of European countries, famous American diplomats, members of the European Parliament, the chairman of the Munich Security Conference, the former president of the World Bank, representatives of Harvard, Stanford, Columbia and Yale universities, members of the Atlantic Council - a leading U.S. think tank.
"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 notes.
The authors emphasize that Ukrainians, as direct victims of Russian aggression, have the right to receive full compensation from Russia 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 note.
Today, the total volume of frozen Russian sovereign assets is approximately EUR 300 billion, including about EUR 200 billion in the European Union. In this regard, the figures who signed the appeal call on world leaders to take all necessary steps, including legislative ones, to transfer these funds to Ukraine.
"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 notes.
It is noted that, according to World Bank estimates, in February 2023, the cost of rebuilding Ukraine has already reached $411 billion and this amount is increasing daily.
"The Russian sovereign assets of EUR 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 notes.
