The confiscation of russian assets frozen in the West should become the main resource for Ukraine's recovery. Ukraine is working to ensure that the principle of "russia will pay" is implemented next year. This was emphasised by Prime Minister Denys Shmyhal at a Government meeting on November 21.

"Last week, seven members of the Board of the Register of Losses were selected. This is part of the compensation mechanism, which will consist of three components: a register where the damages caused will be recorded; a commission to review compensation claims; and a compensation fund from which payments will be made," the Prime Minister said.

The Prime Minister stressed that the fund should be filled with confiscated russian assets. This includes about EUR 300 billion of sovereign assets and another EUR 28 billion of private assets deposited in the EU and other developed countries.

"Today, 43 countries and the European Union are involved in the creation of the Register of Losses. The rules and procedures for its operation will soon be approved. We expect it to become operational in the first quarter of next year. First and foremost, it is about justice, when the aggressor will be forced to pay for what it has destroyed. It is also a precedent that will prevent other acts of aggression in different parts of the world," said Denys Shmyhal.

The Head of Government thanked everyone who stands in solidarity with Ukraine and continues to work for victory, for a just peace, for effective recovery and growth.