Influential Australians call on the government to transfer $9 billion of frozen Russian assets to Ukraine
Kyiv • UNN
A group of influential Australians is calling on the government to confiscate $9 billion in Russian assets frozen in Australia and transfer them to Ukraine for its post-war reconstruction and recovery.
A group of influential Australians is calling on the government to confiscate $9 billion of Russian assets frozen by the country's authorities and use them to support Ukraine financially. This was reported by UNN with reference to Sydney Morning Herald.
Details
The group, which includes former prime ministers, businessmen, trade union and military leaders, and former diplomats, has sent a letter to Treasurer Jim Chalmers urging him to consider several options for redirecting billions of dollars held in Australia since the imposition of sanctions on Russian oligarchs.
Amid growing criticism of Australia's lack of military and humanitarian aid, the Network of Supporters of Ukraine asked the government to join other countries in developing legal options for using Russian assets for the country's recovery and reconstruction and to update its own laws to allow for the use of Russian assets.
"We are writing to you with this request because Australia can far exceed its capabilities at no cost to Australian taxpayers," the joint letter reads.
The authors of the letter also emphasize that "the nine billion dollars of Russian assets currently held in Australia could have a huge impact on the recovery and reconstruction of Ukraine. They could effectively finance the rebuilding of half of Ukraine's educational infrastructure.
According to the publication, Australia has no domestic mechanism for seizing frozen assets. The current domestic legal framework does not allow the government to seize these assets or apply for their confiscation. The Proceeds of Crime Act does not apply to assets frozen due to sanctions.
According to a UN-backed study released last month, the cost of post-war reconstruction and rehabilitation of Ukraine over the next decade will be $486 billion, up from $411 billion estimated a year ago.
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