PACE calls for confiscation of russian sovereign assets

The Council of Europe should lead the process of confiscating russian state assets and using them to rebuild Ukraine through a specially created international compensation mechanism. This is stated in the resolution "Supporting Ukraine's Reconstruction", which was unanimously adopted in Strasbourg during the spring session of the Parliamentary Assembly of the Council of Europe (PACE). 

The Assembly calls on the countries in whose territory the assets of the russian Central Bank were frozen to cooperate "to ensure the rapid transfer of these assets to a designated international compensation mechanism". 

PACE believes that this mechanism should be established under the auspices of the Council of Europe. It should include an international trust fund that will accumulate all russian sovereign assets frozen in the territory of the Council of Europe (CoE) member states and non-member states. It should also include an "impartial and effective" international claims commission that will consider claims filed by individuals and legal entities in Ukraine that have suffered from russian aggression.

Such actions have a triple purpose: to strengthen Ukraine, to guarantee russia's accountability, and to deter any possible future aggression.

"russia's non-participation in the settlement of international disputes" makes it impossible to ensure the payment of reparations to Ukraine through traditional legal channels. However, the PACE reminds that russia, as an aggressor state, is under an obligation to provide full compensation for the damage "caused by its internationally wrongful acts, including the destruction of infrastructure, loss of life, economic hardship, and more." 

The confiscation of russian sovereign assets does not violate international law, but is a countermeasure against the aggressor state, and russia is obliged to compensate for all the damage caused to Ukraine, the PACE resolution emphasizes.

It is impossible to rebuild Ukraine and compensate for all the damage caused by russian aggression until russia is defeated, said British Conservative MP David Blensatra during the debate. He called on the United States and European countries to "help Ukraine with all possible weapons" to "defeat russia together." The politician is convinced that $300 billion of frozen russian assets "should never be returned" to Moscow. According to him, "various lawyers and financial institutions should not convince us" that the confiscation of russian assets has no precedents and therefore cannot be done.

Spanish MP from the European People's Party Pablo Hispan also called for full solidarity with Ukraine. "We must all make efforts to defeat russia and show our commitment to this goal," the politician said.  While Ukraine is fighting on the battlefield, "we need to support its economy, financial and public services, and energy." "We have to do this until russia loses," Hispan said.

Compensation for the damage caused by russian aggression should be made at the expense of confiscated assets of the russian federation through a specially created international mechanism, said Claude Kern, a representative of the Liberal group from France. "We are experiencing a turning point in our history and we must continue to support Ukraine with dedication," Kern emphasized.

Swiss Socialist MP Pierre-Alan Friedes admitted that he was greatly impressed by the images of Mariupol destroyed by russians. According to him, significant financial resources will be needed to restore the "devastating consequences of russian aggression." According to the politician, the one who caused the destruction should pay for the restoration. "The use of frozen assets is a priority, and we need to find the rightful owners to use russian assets," Friedes emphasized.

Source: Deutsche Welle