PACE Committee approves resolution on frozen Russian assets

January 31,2024 401
PACE Committee approves resolution on frozen Russian assets

The Committee on Political Affairs and Democracy of the Parliamentary Assembly of the Council of Europe (PACE) has adopted a draft resolution on confiscating frozen Russian assets and their transfer for the reconstruction of Ukraine, as reported by PACE.

In a draft resolution based on a report by Lulzim Basha (Albania, EPP/CD), the committee said Russia, as the aggressor state, should provide “full compensation for the injury caused by its internationally wrongful acts, including the destruction of infrastructure, loss of life, economic hardship, and other adverse effects,” PACE states.

The committee suggests allocating around USD 300 billion from Russia’s frozen state assets for the reconstruction of Ukraine. Parliamentarians also noted that as of June 2023, the losses suffered by Ukraine due to the war were estimated at USD 416 billion.

The PACE Committee suggests that the Council of Europe lead the process of confiscating Russian assets. The mechanism would involve the creation of an international trust fund. Additionally, parliamentarians recommend establishing an impartial and effective commission to review claims, operating under universally recognized legal norms to consider applications from Ukraine and other entities affected by the aggression.

The committee calls on member countries of the Council of Europe and other states with frozen Russian assets to actively cooperate in transferring these assets to this mechanism with the support of the EU, the USA, and G7 countries.

“Under international law, states possess the authority to enact countermeasures against a state that has seriously breached international law. Now is the time for Council of Europe member states to move from sanctions to countermeasures,” the committee said. This will help strengthen Ukraine, hold Russia accountable, and deter potential future acts of aggression, as stated in the message.

The proposed initiative is currently only a draft and has not yet been approved at the PACE level. It is a component of the compensation mechanism agreed upon at the Council of Europe summit in Reykjavík last summer. The Parliamentary Assembly is set to address this issue in one of its upcoming sessions.

Cover: Getty Images

Donate Subscribe to our news