Fact Check: Ukraine Demands Full Confiscation of Frozen Russian Assets for Justice
What We Know
Following Russia's invasion of Ukraine in February 2022, Western nations, including the U.S. and EU member states, froze approximately $300 billion of Russian assets, primarily belonging to the Central Bank of Russia. These assets are largely held within the Euroclear system in Belgium (Brookings). Ukrainian Prime Minister Denys Shmyhal has publicly stated that Ukraine insists on the full confiscation of these frozen assets, asserting that they are necessary for compensating victims of aggression and for rebuilding Ukraine (RBC).
In recent developments, Ukraine has received about $1.7 billion from Canada under the Extraordinary Revenue Acceleration (ERA) initiative, which utilizes proceeds from these frozen assets (RBC). This initiative is part of a broader strategy to leverage frozen Russian assets to support Ukraine's recovery and defense efforts.
Analysis
The claim that Ukraine demands the full confiscation of frozen Russian assets is substantiated by statements from Ukrainian officials and the ongoing discussions among Western allies regarding the status of these assets. Shmyhal's insistence on confiscation aligns with the broader sentiment among some Western leaders who advocate for using these funds to aid Ukraine (Brookings).
However, there are significant legal and diplomatic hurdles to outright confiscation. Many countries, including key EU members, express concerns about the implications of seizing sovereign assets, fearing it could undermine international financial norms and lead to retaliatory actions from Russia (Crisis Group). For instance, French President Emmanuel Macron has publicly stated that such actions may be impermissible under international law (Brookings).
Despite these challenges, the ongoing discussions and partial releases of funds, such as the $1.7 billion received by Ukraine, indicate a movement towards utilizing these assets in a manner that supports Ukraine's recovery efforts, albeit without full confiscation at this stage.
Conclusion
The claim that "Ukraine demands full confiscation of frozen Russian assets for justice" is True. Ukrainian officials, notably Prime Minister Denys Shmyhal, have explicitly stated the need for full confiscation of these assets to support the country's recovery and compensate victims of the war. While there are significant legal and diplomatic challenges to achieving this goal, the demand itself is clearly articulated and supported by ongoing financial initiatives that leverage frozen Russian assets.
