In an appeal to the heads of the IMF and World Bank, Ukraine’s President on Wednesday renewed his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine.
“To charge the aggressor with compensation for damages,” Ukrainian President Volodymyr Zelenskyy said by video link. “Russia must feel the full price of its aggression.”
The U.S. announced at the start of Russia’s invasion that America and its allies had blocked access to more than $600 billion that Russia held outside its borders. The U.S and its allies continue to impose rounds of targeted sanctions against companies and the wealthy elite with ties to Russian President Vladimir Putin.
“It must be clearly stated that the assets of the Russian Central Bank will be confiscated. It will be a peacemaking act on a global scale,” Zelenskyy said.
A joint assessment released in March by Ukraine’s government, the World Bank and European Commission estimates Ukraine’s long-term recovery needs will total at least $411 billion. In March, Ukraine and the International Monetary Fund agreed on a $15.6 billion loan package aimed at shoring up the government’s severely strained finances.
Since the war began in February 2022, the United States has given Ukraine more than $100 billion in military and civilian support, which includes some money for reconstruction. Other countries also have provided Ukraine with substantial support.
Zelenskyy argued that liquidating Russia’s funds held around the world, including those of sanctioned oligarchs, would send a message to “potential aggressors” wherever they may be.
The U.S. announced last week that Treasury officials Liz Rosenberg and Brian Nelson — specialists in sanctions and terrorist financing — will travel to Europe this month to meet with leaders of financial institutions in Switzerland, Italy and Germany. They plan to share intelligence on potential sanctions evaders and to warn of the potential penalties for failure to comply with international sanctions.
During Wednesday’s meeting, Zelenskyy stood and called for a moment of silence for a Ukrainian soldier who appears to have been beheaded. A gruesome video that purports to show the beheading spread quickly online and drew outrage in Ukraine, in the latest accusation of atrocities said to have been committed by Russian troops.
