Shmyhal outlines four elements of mechanism to confiscate Russian assets

Shmyhal outlines four elements of mechanism to confiscate Russian assets

Prime Minister Denys Shmyhal has stated that Ukraine and its partners work towards creating a mechanism to confiscate Russian assets which can be channeled into the restoration of Ukraine. The mechanism will consist of four elements, including an international register of losses.

"The international compensation mechanism will have four elements: an international register of losses; a compensation commission that will consider applications for compensation for losses; a compensation fund from which compensation will be disbursed; a mechanism for implementing decisions made by the compensation commission," Shmyhal said during the United for Justice conference in Lviv on Saturday, Ukrinform reports with reference to the Prime Minister's Telegram channel.

He added that a special compensation mechanism for the payment of reparations will be based on an international treaty. Ukraine is drafting it together with the partner states.

As the Government portal reports, the Prime Minister noted that the creation of a mechanism to confiscate Russian assets, which can be channeled into the restoration of Ukraine, is one of the main tasks on the way of achieving justice and fairness. The primary task of justice is the creation of an international tribunal that will hold the military and political leadership of the Russian Federation to account.

"From the first days of the war, we began to document all crimes, destruction and damage. We have a reliable, transparent and high-quality tool to estimate how much money Ukraine will need for recovery. We already understand that this amount will exceed 700 billion dollars," Shmyhal noted.

He emphasized that the working group's concept is to create a comprehensive system of compensation for damages caused by Russia.

"We are talking about compensation for damages to individuals and legal entities, as well as directly to the state of Ukraine," said the Prime Minister.

Shmyhal also noted that Ukraine had already confiscated UAH 17 billion from Russian banks. These funds are already in the budget and will be used for reconstruction.

Photo: Denys Shmyhal, Telegram

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