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Shmyhal urges USA to become leader in confiscation of Russian assets for restoration of Ukraine

He also named the main sources of funding for the Recovery Plan.

Shmyhal urges USA to become leader in confiscation of Russian assets for restoration of Ukraine
Prime Minister Denys Shmyhal
Photo: Cabinet of Ministers

Prime Minister of Ukraine Denys Shmyhal has called on the United States to become a leader in the confiscation of Russian assets.

He said this in a speech at the US-Ukraine Partnership Forum, organised by the American Chamber of Commerce in cooperation with the US Administration, the press service of the Cabinet of Ministers reported.

"We are determined not only to emerge from this war victorious, but also to be fully integrated into global value chains and create opportunities for Ukrainian and foreign companies to prosper from doing business in Ukraine and with Ukraine. We will build back better. Private foreign investment, especially from the United States, will lay the foundation for this transformation," Shmyhal said.

He named four main sources of funding for the Ukraine Recovery Plan. These include confiscated Russian funds in Ukraine and around the world, funds from international partners (including international financial organisations), direct funds from the state budget of Ukraine, as well as funds from donors and the private sector.

"It is very important that the confiscated Russian sovereign funds become the main resource for reconstruction," Shmyhal stressed.

He also recalled the proposal to create a special compensation mechanism and adopt appropriate national legislation that would allow for the confiscation of frozen private and sovereign Russian assets. He expressed hope for US leadership on this issue.

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