2023-10-21T15:16:00+03:00 Politics 2024-09-15T04:58:48+03:00

Ukrainian news

European Union and United States will study ways of using russia’s assets for benefit of Ukraine - statement

European Union and United States will study ways of using russia’s assets for benefit of Ukraine - statement

Following the summit, the leaders of the European Union and the United States confirmed their readiness to explore ways of using russia's sovereign assets to help Ukraine in accordance with national and international law. This is stated in the text of the joint statement published following the EU-US summit.

European and American leaders confirmed their readiness to hold russia fully accountable for its illegal full-scale aggression against Ukraine.

"In light of the urgency of the disruption of russia's attempts to destroy the Ukrainian economy and russia's continued non-compliance with its international legal obligations, the United States and the European Union, together with their allies, are convening their experts to study options for timely compensation to Ukraine for losses and damages caused by russian aggression," the statement says.

They emphasize that such steps should take place "in accordance with our legal systems and international law."

"In the short-term, we will examine how any surplus profits of private individuals directly arising from frozen russian sovereign assets, if these surplus profits are not required to meet obligations to russia under current law, can be directed to support Ukraine and its recovery and reconstruction in accordance with the current legislation," the US and EU leaders promise.

The statement also includes a commitment by the leaders to work to address the energy, economic and food security challenges caused by russia's aggression, "which are particularly acute in the most vulnerable developing countries."

The problem with using russia's sovereign assets is that they legally belong to the state and, unlike private assets, there is no mechanism for their confiscation.