Ірина Мудра, заступник міністра юстиції України, Медіацентр Україна - Укрінформ, 7 липня
July 7, 2022, 14:22

“russia Caused over USD 600 Billion Damage to Ukraine; Our Government Suggests an Effective Mechanism to Recover These Funds,” Ministry of Justice

Violation of international law results in the payment of reparations. For this reason, Ukraine’s recovery must be funded at the expense of russia, the party that caused destruction and damage.

Iryna Mudra, Deputy Minister of Justice of Ukraine, stated this at Media Center Ukraine – Ukrinform.

According to tentative estimates, the damage and destruction suffered by Ukraine exceed USD 600 billion, with over USD 100 billion in the loss of property and infrastructure. In addition, there are substantial losses in the energy and manufacturing sectors. Ukraine started a dialog with international partners on reconstructing our country after the war.

“Assets of the aggressor state held in various jurisdictions must be confiscated and collected to make payments to Ukraine and the Ukrainians. Currently, no legal forum would provide complete compensation for the loss and damage, so it has become necessary to set up something new,” the Deputy Minister emphasized.

As of now, Ukraine filed several claims to international tribunals, demanding fair compensation.

“One of our claims was submitted to the European Court of Human Rights. However, we cannot expect any compensation to be paid soon because russia left the Council of Europe and adopted a law preventing them from executing decisions of this court,” Iryna Mudra explained.

Ukraine needs to develop a universal loss recovery tool.

“Today, Ukraine suggests negotiating a multilateral international treaty on the compensation for losses as one of the effective mechanisms. A compensation panel would be set up to review compensation claims. And a fund would be set up to accumulate assets owned by russia and the putin regime’s accomplices. The international treaty would provide for the enforcement of decisions of such a panel,” she said.

The fund would be funded with russia’s blocked assets worth over USD 350 billion, funds of russian oligarchs and businesses. Canada already permitted confiscating assets of individuals implicated in violations of international law and human rights law. The USA and European Union members are also actively discussing mechanisms for confiscating and freezing such assets.

Read more: https://mediacenter.org.ua/news