PM Shmyhal believes seizure of frozen Russian assets must start this year

The main resource for Ukraine’s recovery should be the confiscation of frozen Russian assets.

The relevant statement was made by Ukrainian Prime Minister Denys Shmyhal during the presentation of the third damage and recovery needs assessment for Ukraine (RDNA3), conducted with the participation of the World Bank, an Ukrinform correspondent reports.

“We need to start this process as soon as this year. We see the use of proceeds from Russian assets as a possible interim solution that does not negate the need for full confiscation,” Shmyhal noted.

In his words, Ukraine and international partners need to develop a common legislative framework, which would allow for transferring the assets of the aggressor state of Russia in favor of Ukraine as a victim. In the future, such principle is expected to apply to all the wars of aggression across the globe.

“In this way, we will create an effective safeguard against the arbitrariness of dictators with imperial ambitions,” the Prime Minister stressed.

A reminder that, following an updated Rapid Damage and Needs Assessment (RDNA3), as of December 31, 2023, the total cost of reconstruction and recovery in Ukraine is $486 billion over the next decade.