PACE Committee approves draft resolution on confiscation of frozen assets of the russian federation
Kyiv • UNN
The PACE Political Affairs Committee has adopted a draft resolution recommending the creation of an international mechanism to transfer $300 billion in frozen russian state assets to help rebuild Ukraine's infrastructure damaged by russian aggression.
The Political Affairs Committee of the Parliamentary Assembly of the Council of Europe (PACE) has adopted a draft resolution on the confiscation of frozen russian assets and their use to support Ukraine's recovery. This was reported by UNN with reference to the PACE press service.
Details
In a draft resolution based on a report by Albanian representative Lulzim Bashi, the committee noted that russia, as the aggressor country, should provide "full compensation for the damage caused by its unlawful actions at the international level, including for the destruction of infrastructure, loss of life, economic losses, and other negative consequences.
The committee said that approximately $300 billion in frozen russian state assets should now be transferred to rebuild Ukraine.
As of June 2023, the documented damage to Ukraine's infrastructure and economy as a result of russian aggression is estimated at $416 billion, the parliamentarians said.
The Committee recommends the creation of an "international compensation mechanism" under the auspices of the Council of Europe, which would involve the establishment of an international trust fund to which assets from Council of Europe member states and other states would be transferred.
In addition, it is proposed to establish an impartial and effective claims commission, acting in accordance with generally recognized legal norms, to consider claims from Ukraine and other entities (individuals and legal entities) affected by the aggression.
Addendum
The committee also called on the Council of Europe member states and other states that have frozen russian assets to actively cooperate in the transfer of these assets through this mechanism with the support of the EU, the US and the G7 countries.
Under international law, states have the right to take countermeasures against a country that has seriously violated international law. It is time for the Council of Europe to move from sanctions to countermeasures
The project argues that this will help strengthen Ukraine, ensure russia's accountability, and deter potential future instances of aggression.
The Parliamentary Assembly, which includes parliamentarians from 46 countries, is to consider this issue at one of its next sessions. This project is part of the compensation mechanism agreed upon at the Council of Europe summit in Reykjavik in the summer of 2023.
Recall
"Ukraine needs frozen russian assets, not a frozen military conflict". This statement was made by Ukrainian Foreign Minister Dmytro Kuleba during a briefing in Davos the day before.
