Ukraine expects the Register of Losses to become operational in the first quarter of 2024

The government said it expects the Register of Damage Caused by Russia to start operating in the first quarter of next year. This was announced by Prime Minister Denys Shmyhal during a government meeting, UNN reports.

%%QUOTE_TITLE%%The main resource for Ukraine's recovery should be the confiscation of Russian assets frozen in the West. We are working to ensure that the principle of "Russia will pay" is implemented next year- Shmyhal said.

Details

He reminded that last week seven members of the Board of the Register of Losses were elected. This is part of the compensation mechanism that will consist of three components:

- the Register, where the damages will be recorded

- the Commission for Review of Compensation Claims

- the Compensation Fund, from which payments will be made.

Shmyhal noted that the fund should be filled with confiscated Russian assets. This includes about 300 billion euros of sovereign assets and another 28 billion euros of private assets stored in the EU and other developed countries.

"Today, 43 countries and the European Union are involved in the creation of the Register of Losses. The rules and procedures for its operation will soon be approved. We expect it to start operating in the first quarter of next year," Shmyhal said.

Addendum

Presidential adviser Oleh Ustenko said that Ukraine could receive the assets of the Central Bank as soon as possible. He added that some assets belonging to the Russian pseudo-elite would take longer to be transferred for Ukraine's reconstruction.