It is unlikely that we will get a full confiscation quickly, but income is a realistic scenario: Malyuska on Russia's frozen assets
Kyiv • UNN
Ukraine is unlikely to be able to quickly obtain full confiscation of frozen Russian assets due to legal and geopolitical issues, but receiving income from these assets is a realistic scenario, according to Justice Minister Denys Malyuska.
It is unlikely that we will get a full confiscation of frozen Russian assets quickly enough, but revenues from Russian assets are a realistic scenario. This was stated by Minister of Justice Denys Malyuska in an interview published on the YouTube channel “No one will watch this” and explained what limits Ukrainian partners in terms of quick decisions regarding Russian assets, a correspondent of UNN reports.
Details
It's not about Russia, strange as it may sound. Not a single argument or problem that stands in the way of a quick confiscation is related to the fact that it is Russia. The only small exception is that some fear that in response to the confiscation of sovereign assets, Russia will begin to confiscate property of Western companies in Russia. This argument is at least somewhat related to the actions of the Russian Federation, while the rest of the fears that block the rapid confiscation are not directly tied to Russia
He listed the arguments that influence the blocking of the rapid confiscation of Russian assets. “These are financial arguments, these are geopolitical arguments, which are related to the consequences for other countries, major influential players in the world. These are legal issues because sovereign immunity is one of the most reliable ways to protect anything. Russian funds are protected by sovereign immunity, which is a complex legal construct... One state has no right to make decisions about another state without the consent of that other state,” Malyuska said.
The minister noted that Ukraine is trying to overcome this concept by applying rather underdeveloped but existing legal concepts, but it is difficult.
For the West, which prays for the stability of its legal system, where it is believed that this is their competitive advantage, no matter how bad you are, your legal rights will always be protected. They have been proud of this for centuries. No matter how bad a country is, certain rights must be protected. There are many problems with confiscation, they all have global consequences, if such confiscation happens, it will have global consequences not only for Russia, it limits our partners to make quick decisions in this regard
Nevertheless, Malyuska is convinced that some decisions will be made and Ukraine will receive some funds fairly quickly.
It is unlikely that we will get a full confiscation quickly enough, there is too much geopolitics involved, but the revenues are a realistic scenario. The only question is the amount of money we will get quickly enough
AddendumAddendum
The European Commission has announced the first disbursement of excess profits from the frozen assets of the Russian Federation in July 2024.
On June 11, European Commission President Ursula von der Leyen said that 1.5 billion euros of profits from frozen Russian assets would become available for Ukraine in July.
