The use of frozen Russian assets for the benefit of Ukraine is not a question of legal feasibility, but of political determination. This was stated by Deputy Head of the Office of the President of Ukraine, Iryna Mudra, during an online address at an event held within the framework of the Ukraine Recovery Conference taking place in Rome.
The event brought together international experts, politicians, and legal professionals to discuss sources of funding for Ukraine’s recovery. Key topics included reparations, economic transformation, and the involvement of the private sector in post-war reconstruction.
“We are already building a legitimate and legally sound International Compensation Mechanism, supported by 94 states at the United Nations. All that is missing is the political will of the countries that hold these assets,” Iryna Mudra emphasized.
The Compensation Mechanism is a comprehensive tool consisting of three components: the Register of Damage, the Claims Commission, and the Compensation Fund, which is to be replenished through proceeds from frozen Russian assets. That is why it is crucial for the partners holding these funds to transfer them to the Compensation Fund.
Moreover, the Mechanism would make it possible to use frozen Russian assets not only to compensate all those affected by the war, but also to support Ukraine’s defense and reconstruction.
Conference participants – representatives of governments, academic institutions, and human rights organizations from EU countries, the United States, Canada, and Ukraine – share a common understanding: reparations from Russia must be a priority for all. All legal and economic groundwork for this is already being laid.