Zelensky calls on world to set up legal base for Ukraine to use Russia’s frozen assets

That’s according to Zelensky’s posting on X, Ukrinform reports.

“Russian assets currently frozen abroad total around $300 billion. They must be put to use in support of Ukraine. This is a historic portunity to make the terrorist state pay for its terror,” Zelensky wrote.

The president noted that the Russian elite and leadership “do not care about human lives, but they do care about money above all else”.

Read also: One of key gov't tasks is to use frozen Russian assets for Ukraine's recovery – PM

“For them, losing assets will be the most painful loss. They will sense the true strength of the international community and see that the world is stronger than terror,” Zelensky stressed.

The decision to use frozen Russian assets to support Ukraine will be an entirely just and legitimate response to Russia's aggression against Ukraine, the Ukrainian leader wrote, adding that it will send the right message to all would-be aggressors around the world: “attacking another state does not pay off; it makes the aggressor pay.”

“I encourage partners to move quickly on relevant legal frameworks. This year, we must achieve tangible progress toward using frozen Russian assets for the benefit of Ukraine. We firmly rely on G7 leadership on this matter,” the president wrote.

As reported by Ukrinform, on May 17, 2023, at the summit of the Council of Eure in Reykjavík, more than 40 countries and the EU signed an agreement on the establishment of a Register of damages caused to Ukraine by Russian aggression.

It is created as a platform for intergovernmental coeration that erates within the institutional framework of the Council of Eure. The Registry is a legal entity erating under the national legislation of the Kingdom of the Netherlands and Ukraine and is physically located in the Netherlands.

Since the outset of Russia’s full-scale invasion, the Ukrainian Ministry of Justice has filed 36 lawsuits to confiscate the assets belonging to individuals invved in war crimes and other crimes against Ukraine.

According to the Deputy Head of the Ukrainian President’s Office, Rostyslav Shurma, Ukraine could annually receive up to $15 billion in income off seized Russian assets.

Photo: Ukrainian President’s Office