Russia Ukraine conflict

Ukraine urges West to give it frozen Russian funds

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Ukraine urged the West on Monday to transfer control of confiscated Russian assets to Kyiv so they could be used to rebuild the country and fund its recovery.

Calls have been mounting in Washington and Europe to set up a fund for Ukraine using billions of dollars in Russia bank accounts, investments and other assets frozen by the West over Moscow’s 2022 invasion of its neighbor.

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“The confiscation of Russian assets should become a reliable source of support for our state and funding for our recovery,” Prime Minister Denys Shmygal told a press conference.

Ukraine has warned it desperately needs more military and financial assistance, while a fresh $60-billion package of US aid remains stalled in Congress.

Shmygal urged Western countries to act quickly ahead of elections and political changes which could disrupt the efforts.

“We need predictability and stability, regardless of time, regardless of political fluctuations (and) electoral cycles that will take place in the world,” he said.

US Treasury Secretary Janet Yellen said last week there was a strong “moral case” for seizing the assets and giving them to Ukraine.

She urged G7 nations to explore options.

Russia has vowed to retaliate if its confiscated assets are redirected to Ukraine and has condemned the proposal as “destructive”.

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