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Ukraine still awaits $ 50 billion from frozen Russian assets amid legal and political uncertainty

Despite commitments from G7 countries, no concrete steps have been taken, leaving Ukraine without the funds needed for reconstruction and defense.
byOlena Mukhina
25/09/2024
2 minute read
Khorimlia school demolition Russia attack
Russian attack destroyed a school in Khotimlia, Kharkiv Oblast, June 2024.
Ukraine still awaits $ 50 billion from frozen Russian assets amid legal and political uncertainty

Ukraine still does not understand mechanisms, conditions, and timing of when it will receive $50 billion from the frozen Russian assets, stated Deputy Head of the Office of the President Iryna Mudra at the International Conference “Make Russia Pay,” according to Ukrinform.

Recently, the G7 countries decided to provide Ukraine with a $50 billion loan by the end of 2024, funded by frozen Russian assets. European funds or national contributions may supplement this US loan.

It is expected to be repaid from profits from the frozen Russian assets, most of which are held in EU countries. However, no specific steps have been taken, and Ukraine has not yet received these funds.

“To date, we do not understand organizationally, technically, or legally how this process will be structured, what mechanisms will be used to provide the $50 billion for Ukraine, or under what conditions,” stated Mudra.

Ukraine has not received any of the $1.4 billion generated from frozen assets in the EU.

“Yes, they will be used for Ukraine’s needs, but the country has not received any of these funds,” she emphasized.

Ukraine has set conditions for its partners, stating that these funds should be accessible for reconstruction and the purchase of weapons. Mudra said they should not be an alternative to confiscation and should be provided as a grant, not a loan.

The official explained that Ukrainian allies have concerns regarding the legal grounds for transferring the assets.

“Ultimately, based on my communication with them over the years, I am convinced that the biggest obstacle preventing us from receiving these $50 billion is political will,” she explained.

Mudra added that legal frameworks against negative financial effects could be developed if the West has the political will to do so.

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