Ways sought to transfer to Ukraine nearly $415B in Russian assets seized in Western jurisdictions

Ways sought to transfer to Ukraine nearly $415B in Russian assets seized in Western jurisdictions

The Ministry of Economy together with partner governments is looking for a mechanism to transfer to Ukraine the seized gold and foreign exchange reserves of Russia’s Central Bank in the amount of $415 billion to compensate for losses caused by the Russian military.

This was stated by First Deputy Minister of Economy, Denys Kudin, who spoke during an all-Ukrainian telethon, Ukrinform reports.

"Western governments have already seized foreign exchange reserves of the Russian central bank, worth $415 billion. In fact, this amount is enough to cover these direct one-time losses. We hope that in the near future, together with other governments, we will find a legal mechanism to wire this money to Ukraine – for recovery and compensation," Kudin said.

Read also: Zelensky signs law on confiscation of Russian property in Ukraine

He added that Russia will also have to pay Ukraine the relevant reparations after Moscow surrenders. According to Kudin, reparations come in two forms: monetary and in kind.

As Ukrinform reported earlier, Russia has already inflicted $119 billion in damage to Ukrainian infrastructure since the onset of war.

On February 24, Russian President Putin launched an invasion of Ukraine. Russian troops simultaneously crossed Ukrainian borders from the north, east, and south (Crimea). They have been destroying cities, killing civilians, shelling key infrastructure and households.

Martial law was imposed in Ukraine and general mobilization was announced. The Armed Forces of Ukraine, with the support of the entire nation, are courageously resisting aggression.

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