Discussions on the most effective mechanism for utilizing frozen Russian assets in the interests of Ukraine are ongoing, but the court case regarding the Russian An-124 cargo plane grounded in Canada may serve as an interesting precedent.
This was stated by the Canadian Ambassador to Ukraine, Natalka Cmoc, who spoke in an interview with Ukrinform.
“There was a court case in Ontario very recently to start the process to return the cargo plane, but there’s a period of time from what I can understand that others can step forward to make the case of why this should not occur,” the ambassador said.
While litigation is underway, the ambassador believes the process is moving in the right direction. “I think it’s a very important case that everyone is watching because it’s going to be potentially a precedent for others,” Cmoc said.
“I think an economist would have to figure out which would lead to the most amount of money and the most flexibility for Ukraine. Because what I do agree on is that it’s important to have Russia account for its crimes and be responsible for reparation as well as rebuilding. But I do understand that Ukraine is also interested in using these funds in order to be able to defend itself,” the Canadian ambassador noted when asked whether it would be appropriate to transfer all of Russia’s frozen assets to Ukraine or send Kyiv profits derived from those funds.
“At the end of the day, I would be supporting the one that would ensure that Ukraine has the most flexibility and that those aspects are covered through Russia being able to pay for the crimes it’s committed and to pay for the damages it’s caused in reparation as well, as well as to the victims. Let’s not forget the people,” the ambassador believes.
She expressed the opinion that Ukrainians most affected by war should “have a say in how the funding is used”.
As Ukrinform reported earlier, Canada has officially launched the process of confiscating in favor of Ukraine the Russian An-124 Ruslan aircraft, which has remained grounded in Toronto for the past three years.
Canada was the first among the G7 members to adopt legislation that allows for confiscating property of sanctioned Russian companies.
Earlier, in an interview with Ukrinform, Belgian Ambassador to Ukraine Luc Jacobs explained the advantages of keeping the Russian Central Bank’s funds immobilized without immediately confiscating them in favor of Ukraine.
He believes that by seizing that money immediately, “we would actually kill the goose with the golden eggs, we would take away a sustainable source of a constant money flow to the benefit of Ukraine”.
Photo: INsauga.com
Source: An-124 case in Canada may become precedent for seizing Russian assets – ambassador
