Kuleba: Confiscation of frozen assets of Russian Federation fair and legal

Ukrainian Foreign Minister Dmytro Kuleba wrote about this in an article for Politico, Ukrinform reported.

"Confiscation of frozen Russian assets is fair and legal. These funds will help to compensate for some of the destruction caused by Russia and help Ukraine's defense," the Foreign Minister said.

He called hypocritical the actions of some individuals and institutions in the West that still impede this by resorting to radical formalism and claiming violations of the rule of law.

“Certain Western bankers and institutions have assisted Russian oligarchs in laundering and depositing their dirty money for decades, and I don’t recall any of them quibbling about rule of law when it came to that ill-gotten cash”, Kuleba wrote. 

At the same time, the head of Ukrainian diplomacy referred to the aggressor state's obligation to compensate for damages for an act of armed aggression and the UN Charter's authorization to take countermeasures for internationally wrongful acts. Kuleba also criticized skeptics who fear that confiscation will destabilize the Western financial system. According to him, reputable experts have already dismissed these fears.

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"And we’re actively working with our partners, as a collective decision by the G7 and EU countries would also further minimize any such risks.," the Ukrainian minister emphasized.

He believes that after the confiscation of Russian assets, other aggressors will think twice before committing similar acts. 

At the same time, the minister noted that more than $300 billion in frozen assets of the Russian Central Bank would be enough to restore Ukraine's transport infrastructure, 3,500 educational institutions, more than 1,200 medical facilities, and build a new hydroelectric power plant. 

Read also: West must seize frozen Russian assets before U.S. election – Estonian PM

As reported, on February 24, the Group of Seven (G7) countries issued a statement confirming that they would keep Russia's assets frozen in their jurisdictions until the end of Russia's full-scale war against Ukraine.