- Category
- War in Ukraine
Ukraine Pushes to Tap Frozen Russian Assets as War Damage Tops $600 Billion
Prefer U24 Media on Google
- Authors
![Photo of Dariia Mykhailenko]( "Photo of Dariia Mykhailenko")
Frozen Russian assets could provide critical financial support for Ukraine as the country faces more than $600 billion in infrastructure damage caused by Russia, Ukraine’s acting Foreign Minister Andrii Sybiha said during a briefing, according to RBC-Ukraine on August 18.
Sybiha argued that the issue of using frozen Russian assets should not be postponed, stressing that the scale of destruction caused by the war is too great for Ukraine to address on its own.
We bring you stories from the ground. Your support keeps our team in the field.
“This is fair. According to World Bank estimates, as of today, the damage Russia has caused to Ukrainian infrastructure exceeds $600 billion. It is difficult for one country to overcome this alone. Moreover, this war is not only about Ukraine,” Sybiha said.
He stressed that Ukraine is defending not only its own sovereignty but also the freedom of Europe, while paying the highest price through the lives of its soldiers. Maintaining the country’s resilience and macroeconomic stability, he said, therefore requires continued support from international partners.
Against this backdrop, the foreign minister described frozen Russian assets as one of the key sources that could significantly strengthen Ukraine by allowing Russian funds to be used directly for the country’s needs.
“Frozen assets are one of those fundamental tracks that can significantly strengthen us through the direct use of Russian funds. Therefore, we, as Ukraine, will actively discuss this in European capitals, and not only European capitals. We very much hope to reach clear, concrete decisions. This must be a collective decision and a collective responsibility,” Sybiha said.
-27ef304a0bfb28cb4215e5deede4a665.png)
According to the diplomat, Kyiv intends to continue raising the issue not only with its European partners but also with countries beyond Europe as it seeks concrete international decisions on the use of frozen Russian assets.
Some proceeds generated by frozen Russian assets are already being directed to Ukraine. On August 5, Ukrainian Prime Minister Serhii Koretskyi said the European Union would provide Ukraine with €1.4 billion (approximately $1.6 billion) financed through revenues generated by the assets.
Discuss this article:
-4a56a6b482ec132402c16ef6fcabf9a2.png)
-c439b7bd9030ecf9d5a4287dc361ba31.jpg "Photo of Katherina Popilnichenko")
