Ukraine’s PM holds talks with British FM on Russian asset seizures

On March 26, Prime Minister of Ukraine Denys Shmyhal had a conversation with the Minister of Foreign Affairs of Great Britain, David Cameron.

This is reported on the Government portal.

The parties discussed the escalation of Russia's attacks on civilian infrastructure, as well as the necessary assistance to Ukraine.

An important topic in the conversation of government officials was the introduction of mechanisms that would make Russia pay for the crimes and destruction committed. In particular, the confiscation of frozen assets of the Russian Federation. The parties raised the issue of creating a special international group with the participation of Ukraine, which will work out the legal ways necessary for confiscation.

"Ukraine has already submitted its proposals. The International Register of Losses has been created. Next, we propose to create an International Compensation Commission and a compensation fund. Our position is unequivocal: all frozen assets of Russia must be directed to the needs of our state," Denys Shmyhal emphasized.

In addition, the Prime Minister thanked Great Britain for the significant amount of aid provided and for signing the security agreement with Ukraine. This, he said, gives confidence in long-term support from British allies.

For reference:

The Security Service of Ukraine (SBU) arrested nearly ₴190 billion worth of assets of Russian business people who financed the war during 2022-2023 and as of early August.

Moreover, Ukraine's partners are rushing to agree on a plan to confiscate $300 billion of frozen Russian assets. The United States has proposed to the "Group of Seven" working groups to study how to do this.

On February 24, the Group of Seven (G7) countries released a statement confirming that they would keep Russian assets frozen in their jurisdictions until the end of Russia's full-scale war against Ukraine.

Also, the United States has, for the first time in history, transferred confiscated Russian assets to Estonia, which will be used to support Ukraine.

The European Council approved a resolution paving the way for using profits from frozen Russian assets for Ukraine.

The President of the European Commission, Ursula von der Leyen, proposed that the European Union consider using the proceeds from frozen Russian assets to benefit Ukraine, including purchasing military equipment.

Minister of Foreign Affairs Dmytro Kuleba welcomed the initiative of the President of the European Commission, Ursula von der Leyen, regarding the use of profits from frozen Russian assets for the purchase of military equipment for Ukraine. According to his conviction, the allies must also find the necessary legal grounds and political will to use the revenues and the assets themselves.

It is worth adding that the European Union has prepared a legislative proposal, according to which Ukraine will start receiving profits from the blocked assets of the Russian Central Bank already in July: the funds will be directed to the supply of weapons and the development of the defense industry.

On March 19, the Head of Diplomacy of the European Union, Josep Borrell, suggested using 90% of the revenues from the assets of the Russian Federation frozen in Europe to purchase weapons for Ukraine through the European Peace Fund.