“Creating a Damage Register for Ukraine: Latest Initiative by Council of Europe and US to Compensate for Russian Military Operations”

2023-05-16 21:11:07

French President Emmanuel Macron said that the 46 member states of the Council of Europe decided at the Icelandic summit to create a “damage register” to record losses and destruction in Ukraine as a result of the Russian military operation in the country. His words are reported by AFP.

Emmanuel Macron called on other countries to join the initiative, as well as to take part in updating the registry data. According to AFP, the United States has expressed a desire to join the project, the country is participating in the summit in Iceland at the level of Linda Thomas-Greenfield, Permanent Representative to the UN.

In turn, Prime Minister of Ukraine Denys Shmyhal called the register “a real mechanism for compensating” the country. “I think we will take a real step towards finding a mechanism to compensate for the atrocities that Russia has inflicted in Ukraine. This is just the first step. Ahead is the creation of a compensation mechanism,” he said.

After the entry of Russian troops into Ukraine, $300 billion of Russian reserves fell under sanctions in the European Union, but, according to analysts, the West managed to find $80-100 billion of them. The EU and Switzerland allowed the confiscation of frozen Russian assets and their transfer to Ukraine. The G7 countries promised not to unfreeze Russian assets until the end of the conflict in favor of Ukraine. The Japan Times reported that the G7 countries are looking for ways to transfer the frozen assets to Ukraine.

Olesya Pavlenko

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