Ukraine and allies make progress on frozen Russian assets

Ukraine and its partners have moved closer to a resolution on confiscating frozen Russian assets, announced President Volodymyr Zelenskyy in an address on February 27.

“I would like separately emphasize the results of talks with partners regarding Russian assets: this month, we have come closer to the decision we need, one that will be fair,” Zelenskyy said.

All frozen Russian assets must be confiscated, said Zelenskyy. “All Russian assets – those of the state-terrorist and associated individuals – frozen in various jurisdictions should work to protect against Russian aggression. They must be confiscated. We are doing everything to ensure that this decision is well-prepared in the near future.” 

Zelenskyy thanked “everyone who is helping … advance this mechanism of justice.”

Efforts are currently underway on preparing the next package of European Union sanctions against Russia. “A new European Union sanctions package is needed, and we are preparing it. We are also preparing new steps to limit Russia’s ability to bypass sanctions. Every manifestation of pressure on Russia is a step toward peace. Every act of assistance to Ukraine is protection of lives,” Zelenskyy concluded.

As was reported on January 22, Bulgarian lawmakers proposed a bill to the parliament to freeze Russian assets. Similar draft laws are currently under analysis in the Czech Republic, Latvia, and Estonia.

For the second anniversary of Russia’s full-scale invasion of Ukraine, the Ukrainian World Congress launched the global #StandWithUkraine advocacy campaign and a wave of global rallies linked to February 24. As part of the campaign, the UWC urges governments to create the means to identify, freeze, and seize Russian assets and to transfer them to Ukraine. The confiscation of Russian assets, together with continued military support for Ukraine and sanctions against Russia, will weaken the Kremlin’s ability and motivation to wage war.