The Financial Times: Prominent international figures call for transfer of frozen Russian assets to Ukraine

About €300 billion in Russian assets frozen in the West should be used to compensate for the damage caused to Ukraine and Ukrainians.

This is stated in an appeal to world leaders and governments published in The Financial Times.

The appeal, initiated by the Chairman of the Kyiv Security Forum Arseniy Yatsenyuk, was signed by more than 30 prominent international figures, including former heads of European governments, American diplomats, members of the European Parliament, the Chairman of the Munich Security Conference, the former President of the World Bank, representatives of Harvard, Stanford, Columbia and Yale universities, and members of the Atlantic Council, a leading US think tank.

"We call on the leaders of the G7 and the EU to approve the long-awaited decision to let Ukraine use Russian sovereign assets and funnel them to compensate for the damages caused and inflicted upon Ukraine and Ukrainians,” the document says.

As noted, the authors of the document emphasize that Ukrainians as direct victims of Russian aggression are entitled to be fully compensated by Russia for the damage it inflicted upon them.

“Until Russia brings itself into compliance with international law and compensates Ukraine and Ukrainians fully by way of legally binding reparations, Ukraine and Ukrainians should become the recipients of Russian sovereign assets,” the signatories state.

The total volume of frozen sovereign Russian assets now amounts to approximately €300bn, including some €200bn in the EU.

The signatories call on world leaders to take all necessary steps, including legislative ones, to transfer these funds to Ukraine.

“Russian sovereign assets should be contributed to a special Ukraine recovery fund managed by the representatives of G7 nations, in consultation with the government of Ukraine,” the document reads.

According to World Bank estimates, in February 2023 the cost of recovery in Ukraine had already reached $411bn. This number grows day by day.

“The Russian sovereign assets of €300bn fail to compensate the whole quantum of losses Ukraine has incurred yet will be a significant contribution to the cause of saving and rebuilding a democratic, resilient, European Ukraine,” the document emphasizes.