PACE Calls frozen russian assets to be used to Support the Reconstruction of Ukraine
With
estimates for reconstructing Ukraine after its victory over russia reaching
$486 billion, according to the United Nations, the World Bank and European
Commission, it will take years to fund and fulfill this Herculean task.
The
Parliamentary Assembly of the Council of Europe (PACE) session in Strasbourg
has called for frozen russian assets to be used to underwrite the
reconstruction of Ukraine.
Meeting
in plenary session in Strasbourg last week, PACE recommended “the seizure of
Russian state assets and their use” in support of the reconstruction of
Ukraine. This course of action would “strengthen Ukraine, ensure the
accountability of the Russian Federation and deter against any other future
aggression.”
In
adopting unanimously a resolution, based on the report by Lulzim Basha
(Albania, EPP/CD), PACE said that “the aggressor State, the Russian Federation,
had the obligation to provide full compensation for the damage, loss and injury
caused by its wrongful acts, including the destruction of infrastructure, loss
of life and economic hardships,” in accordance with the principles of
international law.
Addressing
the Assembly during the debate, the Chairman of the Verkhovna Rada, Ruslan
Stefanchuk, stated: “The civilizational gap that separates us and Russia is
gigantic. And in its depth, any illusions about this aggressive, hateful and
unlawful creature disappear. The beast that terrorizes and intimidates the
entire world that does not care about international norms and rules, that does
not value the lives of other people or its own citizens. Therefore, friends, we
must act immediately. The time of great concern and strong condemnation is
over. […] The time has come for frank and truthful assessments. It is time for
quick action and decisions. It is time for responsible leadership. It is time
to choose a resolute, united resistance to the Russian terror.”
The
resolution states that russia’s financial assets already frozen by several
countries – approximately $300 billion – must be made available for the
reconstruction of Ukraine, pointing out that the documented damages to Ukraine’s
infrastructure and economy caused by the russia’s aggression had reached $486 billion
today.
In
this context, PACE called for the creation of “an international compensation
mechanism” under the auspices of the Council of Europe, to comprehensively
address the damages incurred by natural and legal persons affected, including
the State of Ukraine. It also recommended the setting up of an “international
trust fund,” where all russian assets held by Council of Europe member and
non-member States will be deposited, as well as an “impartial and effective
international claims commission,” to adjudicate claims presented by Ukraine and
entities affected by the russian aggression.
In
its resolution, PACE urged Council of Europe member and non-member states
holding russian assets to “actively co-operate” in the prompt transfer of these
assets to the established international compensation mechanism.
Finally,
PACE recalled that the Council of Europe had led the way in expressing its
solidarity with Ukraine and its people and by excluding russia from its
membership, and had set up the Register of Damage to record damage, loss or
injury suffered by Ukraine, as a first step towards holding russia accountable
for its wrongful acts.
Speaking
together with Stefanchuk during a stand-up at the end of the debate, PACE
President Theodoros Rousopulos said: “I want to ask once again the governments
of the Council of Europe member states to support the Ukrainian people not only
with words but also by providing them with the equipment needed to end this war.”
Stefanchuk
added: “This unanimous decision made by the Parliamentary Assembly will set a
new benchmark for other international organizations that will inspire them to
follow this path and to show that, in the third year of this horrible war, this
is the support that Ukraine needs.”