Along with using the proceeds from frozen Russian assets for the benefit of Ukraine through a $50 billion loan from the G7 countries, Ukraine is collaborating with partners to confiscate the full amount of blocked Russian assets, estimated at approximately $300 billion.
Ukraine’s Ambassador to the United States Oksana Markarova said this in a commentary to Ukrinform.
“It is extremely important,” the ambassador commented on the decisions approved by Ukraine’s partners to use the profits from frozen Russian assets for the benefit of the Ukrainian state.
She highlighted that the initiative to use Russian sovereign assets for the reconstruction of Ukraine, as well as the corresponding task of President Zelensky, was initiated in the early days of the full-scale invasion. Ukraine then achieved a significant result in freezing Russian sovereign assets located abroad. The majority of these funds are in Europe, with some in the US and other countries. Currently, as Markarova noted, efforts are being made to confiscate them completely.
“These (frozen – ed.) assets – which total about $300 billion – in our opinion, should all be confiscated and transferred to Ukraine,” the ambassador stressed.
She noted that work in this area is still in progress. The United States, in particular, supports the full confiscation of assets, and Congress has already granted the relevant authority to the administration by passing the REPO Act. However, the G7 partners have decided to take further steps in joint coordination, and it is essential to gain consensus on the necessity of confiscating the full amount.
Therefore, while discussions on full confiscation are ongoing, the US side proposed at the beginning of the year the idea of using the proceeds of the frozen funds for the benefit of Ukraine. Thus, in June, the Group of Seven leaders decided to provide Ukraine with a $50 billion long-term loan to be repaid from future revenues.
This week, the US Treasury Department and the White House confirmed that the United States will provide $20 billion for this loan. And on Friday, the Group of Seven leaders reached a consensus on the procedure for providing Ukraine with a $50 billion loan from frozen Russian assets.
“This is a significant advantage for us, as it provides assurance for Ukraine that the next year will be funded, as our government has stated. This is a matter of justice, as it is Russia that has to pay,” the ambassador stated.
As reported by Ukrinform, Prime Minister of Ukraine Denys Shmyhal said on Friday that Ukraine expects to receive access to $50 billion from the G7 and the European Union this year.
Photo: Embassy of Ukraine
Source: Ambassador Markarova: Ukraine's goal is to confiscate all frozen Russian sovereign assets
