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Main War — Denys Maliuska: West is ready to give Russia's gold and foreign exchange reserves to Ukraine, but there are nuances

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Denys Maliuska: West is ready to give Russia's gold and foreign exchange reserves to Ukraine, but there are nuances

12 Sep, 2022
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Denys Maliuska: West is ready to give Russia's gold and foreign exchange reserves to Ukraine, but there are nuances

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The minister noted that Ukraine is now creating such a legal instrument - an international treaty.


Minister of Justice of Ukraine Denys Maliuska is sure that Western partners have a political agreement to give Ukraine $300 billion of Russia's gold and foreign exchange reserves, but an appropriate legal mechanism needs to be developed.

He announced this during the informational telethon.

"There is an understanding and agreement of our partners that Ukraine needs to transfer the funds of the gold and foreign exchange reserves of the Russian Federation. No matter what country we talk to, there is a political agreement. The only question is to provide tools to do this," he said.

Maliuska noted that Ukraine is now creating such a legal instrument - an international treaty.

"It will be a big international agreement, where countries will be able to join and, in pursuance of this agreement, transfer assets to us and remove immunity from the assets of the Russian Federation," he explained.

In September, Justice Minister Denis Malyuska noted that Ukraine would seek at least $300 billion in reparations from Russia for damages caused by the Russian invasion. The losses of Ukraine from the Russian invasion are estimated much more. Still, the amount named by Malyuska corresponds to the amount of the frozen assets of the Bank of Russia in the G7 countries.

According to him, the gold and foreign exchange reserves of the Russian Federation are still protected by sovereign immunity; that is, one country cannot take something away from another just like that.

"The first stage is sovereign assets of about $300 billion. The second stage, much more complex and lengthy, is the seizure of other assets, for example, Russian state-owned companies or even Russian oligarchs," the head of the ministry said.

Maliuska considers ratifying the relevant treaty this winter to be the best scenario.

The complication in obtaining these funds is that the funds are not located on the territory of Ukraine, so Western lawyers and politicians must be convinced to implement the mechanism since history has not yet known such cases.

"When we implement this mechanism, it will change the status quo of states or their property worldwide. Because now the property of states is inviolable. The exception is isolated cases of relatively small amounts and insignificant countries," he said.


The Odessa Journal

The Odessa Journal

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