Ukrainian foreign minister calls for renewed active discussions on use of Russian assets

Ukrainian Foreign Minister Andrii Sybiha has said that now is the time to resume active discussions on frozen Russian assets and how they can be used to support Ukraine.

Source: Sybiha at a press conference with his Belgian counterpart Maxime Prévot in Kyiv on Tuesday 18 August, as reported by Interfax-Ukraine

Quote: "We believe now is the time to revisit the issue of frozen assets and discuss clear legal mechanisms for putting them to use in support of Ukraine."

Details: Sybiha said that using the frozen assets for Ukraine would be fair, noting that World Bank estimates put the damage Russia has caused to Ukrainian infrastructure at more than US$600 billion.

"It is difficult for one country to overcome this alone, especially since this war is not just about Ukraine. Ukraine is now holding the line, defending the freedom of all of Europe and paying the highest price for it: the lives of its soldiers," he stressed.

Sybiha noted that Ukraine needs this support to maintain macro-financial stability.

He also thanked Belgium, which plays a leading role in providing it.

"Frozen assets are, in fact, one of those fundamental avenues that could significantly strengthen us through the direct use of Russian funds. Therefore, we as Ukraine will actively discuss this in European capitals and beyond. And we very much hope to arrive at clear, concrete decisions," Sybiha stressed.

He separately emphasised that "this must be a collective decision and a collective responsibility".

As is known, Belgium was the country that blocked the use of frozen Russian assets for Ukraine's benefit.

Background:

• EU chief diplomat Kaja Kallas said in February that the European Union could return to the original idea of providing Ukraine with a €90 billion loan using frozen Russian assets because of Hungary's veto of the chosen solution. However, the veto was eventually lifted after the Hungarian elections.
• In January, Ukrainian President Volodymyr Zelenskyy expressed regret in Davos that fears of Russian retaliation had prevented the implementation of the European Commission's original plan for a "reparations loan" to Ukraine using Russian assets.

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