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Ukraine prepares to let Russian assets to rebuild the country: Cabinet of Ministers has made decisions

Kseniya KapustynskaNews
The Cabinet of Ministers has adopted decisions that will help to utilize Russian assets
The Cabinet of Ministers has adopted decisions that will help to utilize Russian assets

The Cabinet of Ministers of Ukraine has adopted the decisions necessary for the operation of the International Register of Losses. This registry will eventually allow the use of confiscated Russian assets to rebuild Ukraine.

This was announced by the Prime Minister of Ukraine Denys Shmyhal. He reminded that the International Register of Losses was established by a decision of the Council of the European Union (EU) and will operate in the Netherlands.

According to the Prime Minister, both the assets of Russian oligarchs and the sovereign assets of Russia should be subject to confiscation. "This is the only way to show the Kremlin regime that its strategy of depletion will not work," Shmyhal said.

"The main resource for our recovery should be confiscated Russian assets. Everyone understands that this is fair and right. Ukraine has proposed a clear and understandable roadmap for legitimate confiscation. One of the key elements is the work of the International Register of Losses... Today (December 1 - Ed.), two documents were approved that will contribute to the quality functioning of the register," Shmyhal explained.

He specified which documents were adopted. These are:

  • an instruction to the Ministry of Justice and the Ministry of Digital Transformation to develop and submit technical requirements for the creation of the registry software, as well as an instruction to the Ministry of Digital Transformation to develop an opportunity for Ukrainians to submit applications for compensation through Diia;
  • proposals for the classification of categories of losses subject to compensation. "This will allow a systematic approach to the transfer of all information about the losses, damages and harm caused by Russia to the state of Ukraine, as well as to each of our citizens and Ukrainian legal entities," the Prime Minister said.

Shmyhal also expressed hope that in December 2023, the European Commission will present a plan to use Russia's frozen sovereign assets to support Ukraine. According to Western media, it is expected that such a document will be submitted on December 12.

As reported by OBOZ.UA, earlier the US Congress presented a bill on the seizure and confiscation of assets of Russian oligarchs. The authors of the document want to use the funds received in this way to replenish the Ukrainian recovery fund.

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