Ukraine will work to seize all immobilized Russian sovereign assets - Shmyhal

The Cabinet of Ministers of Ukraine continues to work to seize immobilized Russian sovereign assets and the assets of Russian oligarchs who support Russia's aggression against Ukraine.

Ukrainian Prime Minister Denys Shmyhal said this at a government meeting on Friday, Ukrinform reports, citing his Telegram channel.

"This year, Ukraine will receive an additional $50 billion from our allies thanks to the use of interest from Russian sovereign assets that were immobilized in the West. A respective decision was made at a summit of the Group of Seven countries. For us, this is a victorious, but still an intermediate step. We will work to confiscate all frozen Russian sovereign assets and the assets of Russian oligarchs who support this aggression," he said.

Shmyhal characterized three more key financial agreements. According to him, Ukraine and the U.S. signed an agreement that will allow Ukraine to receive almost $7.9 billion in financial support this year.

Ukraine also signed an agreement with the EU to attract financing within the Ukraine Facility program for the next four years. On June 27, European partners provided EUR 1.9 billion to Ukraine under this program.

Shmyhal also noted that the government expects to receive $2.2 billion from the IMF, whose Executive Board will meet today. He said that for the first time ever, Ukraine has already passed four reviews within one program with the IMF.

"Thanks to all these agreements with the EU, the IMF, the U.S., the World Bank, the G7 countries and our other allies, the government of Ukraine clearly understands how we will finance the budget deficit not only this year, but also next year. We understand how we will finance social programs and other critical expenditures," Shmyhal said.

He recalled that this month the Ukraine Recovery Conference was held in Berlin, where more than 100 international agreements worth about EUR 16 billion were concluded.

"These are projects in the energy sector, defense industry, and the reconstruction of social and critical infrastructure. In particular, partners will provide more than $1 billion just for the restoration and strengthening of our energy system," he said.

According to Shmyhal, one of the key focuses at the conference was new programs to support Ukrainian businesses, new investment projects and steps aimed at restoring the Ukrainian economy.

Photo: Cabinet of Ministers of Ukraine