Ukraine urges international community to hasten confiscation of Russian assets

Ukraine calls on the world to focus on strengthening the implementation of sanctions against the Russian Federation and to speed up the development of mechanisms for the confiscation of Russian assets in order to direct them to the restoration of Ukraine.

This was reported by the press service of the Ministry of Finance following the meeting of the Minister of Finance of Ukraine, Serhii Marchenko, with the ministers of economy and finance of the European Union (ECOFIN), which took place in Stockholm in the context of Sweden's presidency of the Council of the EU.

"The scale of difficulties that Ukraine has been experiencing for more than a year is unprecedented in recent history. Despite this, we have managed to successfully withstand the shocks and challenges of war thanks to the unity of Ukrainians, the balanced policy of the Ukrainian government, and strong international support. Today, our financial system is undoubtedly in better shape than a year ago, and the economy is showing a gradual recovery," Marchenko noted.

The Minister of Finance also noted that Russia should pay for terrible actions in Ukraine and drew attention to the issue of strengthening sanctions against the Russian Federation.

"First of all, even taking into account the unprecedented sanctions, they did not have a sufficiently devastating impact on the economy of the aggressor, as we all expected. We should focus on strengthening the implementation of sanctions and closing the loopholes that allow them to be evaded," Marchenko said.

He emphasized the importance of introducing restrictions on countries that help Russia.

"Secondly, it is necessary to speed up the development of mechanisms for confiscating Russian assets and directing them to the restoration of Ukraine. The aggressor must bear responsibility for his actions and compensate the losses to our state," the Minister of Finance emphasized.

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The National Bank and the US State Department discussed actions necessary to increase sanctions pressure on the Russian Federation. Priority targets are key financial institutions on the capital market of the Russian Federation and Russian banks.