Mechanisms of asset recovery in Russia: what the Ministry of Justice proposes
Kyiv • UNN
The Ministry of Justice of Ukraine is working on mechanisms to recover frozen Russian assets. Ukraine plans to use not only the interest but also the entire body of assets to support the state.
The Ministry of Justice of Ukraine is actively working on mechanisms to use frozen Russian assets to support the state. This was announced by the Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine, Minister of Justice Olha Stefanishyna during the forum “Law and Justice: Strengthening Cooperation in Times of War”, UNN correspondent reports.
Details
After we finalized the arrangements to mobilize 50 billion euros in interest from frozen assets, just last week, while working in Brussels, I discussed the use of the asset body itself. It is not only about freezing the assets of the Russian center, it can be the entire body of frozen assets in the requirements of the sanctions policy. We have formed a legal position on this issue, and we believe that the experience of recovering sanctioned assets in Ukraine into the revenue of the Ukrainian state is successful
According to the minister, such a legal format is available in the countries with which Ukraine cooperates, such as Estonia and Canada. However, the US recently announced a decision to seize Russian assets.
We hope that President Biden can take the first steps to implement this position before the end of his term, but we, the Department of Justice, will consistently promote the legal position on the use of Russian assets until it is implemented
Recall
Ukrainian Foreign Minister Andriy Sybiga called for a shift from freezing to seizing Russian assets. He emphasized the need to use not only the profits but also the assets themselves to support Ukraine.
