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Prime Minister: USD 50 billion from the use of frozen russian assets lay the foundation for our financial stability

Communications Department of the Secretariat of the CMU, posted 25 October 2024 12:48

This week, without exaggeration, Ukraine has won one of the biggest financial victories in the 2.5 years of the great war. The European Union, the United States and the United Kingdom have decided to provide Ukraine with financial support from frozen russian assets. This was stated by Prime Minister Denys Shmyhal.

“The EU will provide up to EUR 35 billion. The U.S. – up to USD 20 billion. The UK – GBP 2.3 billion. In total, Ukraine will receive about USD 50 billion from the G7 and the EU, and these funds should be available this year,” the Head of Government said.

The Prime Minister noted that Ukraine had been defending this decision for two years. “In the spring of 2022, when the principle of ‘russia must pay’ was first voiced, we were told that it was impossible.

That russian frozen assets were protected by ‘sovereign immunity’. That there was no legal mechanism in place to use or confiscate these funds. Thousands of hours of work by hundreds of people, and today we have the relevant decisions,” said Denys Shmyhal.

According to the Head of Government, the russian money will be used to support Ukraine: to finance the most important needs in defence, restoration and support of Ukrainians. According to him, these USD 50 billion will lay the foundation for the financial and economic stability of the state in 2025.

At the same time, Denys Shmyhal stressed the importance of these funds not being the only ones available to Ukraine next year.

“We are also continuing our four-year EUR 50 billion programme with the EU under the Ukraine Facility. We continue the programme with the IMF. We continue joint financial, economic, energy and other projects with our allies,” the Prime Minister said.

The Head of Government also stressed that this was an interim result, as Ukraine would continue to insist on the full confiscation of all russian frozen funds: “russian money must be fully confiscated for the reconstruction of our state. We do not stop and continue to work.”

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