PACE Supports Direction of Russian Frozen Assets to Ukraine

The Parliamentary Assembly of the Council of Europe (PACE) adopted a resolution calling for the transfer of $300 billion in frozen Russian assets to Ukraine.

On April 16, during a plenary session meeting, PACE voted unanimously in favor of directing $300 billion in frozen Russian state assets to a new fund for Ukraine’s reconstruction. This was reported by Yevheniya Kravchuk, the Ukrainian MP and PACE delegate.

The document calls for:

• Establishing an international compensation mechanism through the Council of Europe to cover damages caused by the Russian aggression;

• Actively collaborating with international partners to transfer Russian assets to the said compensation mechanism;

• Creating an international trust fund to manage all Russian sovereign assets;

• Creating an unbiased international commission to assess claims filed by Ukraine and affected parties seeking compensation for losses resulting from Russian aggression.

“It is important to note that such steps are absolutely legitimate. According to international law, states have the right to take countermeasures against a state that has seriously violated international law. It is time for the Council of Europe to move from sanctions to countermeasures against the Russian aggressor,” Kravchuck added.