Ukraine is negotiating confiscation of $300 billion of Russian assets - Shmyhal

The confiscation of Russian assets will become a reliable source of support for Ukraine and funding for its recovery. Dialogues are currently underway to confiscate $300 billion in Russian assets. This was stated by Prime Minister Denys Shmyhal during a press conference, UNN reports.

Details

Confiscation and utilization of Russian assets. We understand that the assistance of partners  is an extremely important tool, but we need predictability and stability regardless of time, regardless of the political fluctuations of electoral cycles that will be in the world. Accordingly, the confiscation of Russian assets should become a reliable source of support for our state and funding for our recovery. USD 300 billion is what we know about, what our partners are inventorying, and what we are dialoguing about

He added that, fortunately, this dialog is much more progressive today than it was a year ago.

"Today, most of our partners support the idea of using Russian assets to rebuild Ukraine. We already understand that there is full readiness to use the proceeds of frozen Russian assets for the benefit of Ukraine, but this is only the first step. We are interested in confiscation for two reasons: because we need it, and to punish the aggressor," Shmyhal added.

The prime minister added that Ukraine is working to establish an international working group on confiscation. Separately, Ukraine and Belgium and the EU are discussing the use of profits from these Russian assets.

Belgium has the largest amount. About $200 billion is on Euroclear accounts. We have created a part of the international compensation mechanism in the form of a register of damage and destruction caused by Russia

Recall

Last year, Ukraine's gross domestic product grew by 5.6%. In 2024, the Cabinet of Ministers expects 5% GDP growth.