Zelensky outlines proposal to confiscate Russian assets, compensate losses caused by war

Ukrainian President Volodymyr Zelensky on Friday suggested that those who have suffered losses caused by Russia’s invasion in Ukraine could receive compensation through a multilateral agreement that would confiscate Russian assets held under the jurisdiction of other countries.

“We invite the partner countries to sign a multilateral agreement and create a mechanism through which each and every one who has suffered from different actions will be able to receive compensation for all losses,” Zelensky wrote in a Telegram post.

“Under such an agreement, Russian funds and property under the jurisdiction of partner countries must be seized or frozen, and then confiscated and directed to a specially created fund from which all victims of Russian aggression can receive appropriate compensation,” he continued. “That would be fair. And Russia will feel the true weight of every missile, every bomb, every projectile it has fired at us.”

The development comes as the Russian war in Ukraine nears three months of fighting.

President Biden signed legislation amid his trip to Asia authorizing a $40 billion aid package to Ukraine, which was overwhelmingly voted in favor by both Republicans and Democrats.

Among the aid offered in the package, it includes close to $9 billion for supporting Ukrainian government operations and tackling human trafficking, $9 billion to fill up U.S. weapons stockpiles that were used up and transfers $11 billion in weapons to the former Soviet Union nation.

Zelensky lauded the move on Saturday.

“Grateful to @POTUS for signing the law on additional support for [Ukraine]. The leadership of [U.S.], President Biden & the American people in supporting [Ukraine]’s fight against the Russian aggressor is crucial. Look forward to new, powerful defense assistance. Today it is needed more than ever,” he tweeted.

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