NBU: Transfer of frozen Russian assets to Ukraine has no alternative

Transferring the frozen Russian assets, including proceeds from them, to Ukraine is not only a realistic scenario but the one that has no alternative.

The relevant statement was made by the National Bank of Ukraine on Facebook, referring to NBU Governor Andriy Pyshnyy, an Ukrinform correspondent reports.

According to the National Bank, this issue used to be discussed solely through the compensation of the damage caused to Ukraine. Now, the so-called concept of countermeasures is gaining popularity.

“Russia has violated international law with regard to global security and harmed many countries. Cooperation for the purpose of ending aggression is a positive commitment of states. The use of countermeasures, individually or collectively, by states is not only legitimate from the perspective of international law but also reasonable from a macroeconomic point of view,” Pyshnyy noted.

A reminder that, in January 2024, during the World Economic Forum in Davos, U.S. Special Representative for Economic Recovery in Ukraine Penny Pritzker mentioned that the process of confiscating Russian assets would require a collective decision of all countries that have frozen Russian funds in their financial institutions, and it would take time.

Photo: NBU