Ukraine Calls for Stronger Sanctions and Confiscation of Assets for Reconstruction

Ukraine has urged the international community to bolster the implementation of sanctions against Russia, to accelerate the development of mechanisms to confiscate Russian assets and to redirect them towards Ukraine’s reconstruction efforts.

The Ukrainian Finance Minister, Sergii Marchenko, made this call on Saturday, April 29, following an Informal Meeting of EU Economic and Financial Ministers and Central Bank Governors (ECOFIN) held in Stockholm, which he had attended.

Minister Marchenko noted that the magnitude of the challenges faced by Ukraine was unprecedented in its recent history. However, he emphasized that the country had managed to weather the shocks and challenges of war with the help of substantial international support, the prudent policy of the Government of Ukraine and Ukrainian unity.

He also stated that Ukraine's financial system was in a better position than a year ago and that the economy was gradually recovering.

Minister Marchenko stressed the need for Russia to be held accountable for its actions in Ukraine and called for the strengthening of sanctions against the country. Despite the unprecedented sanctions, they had not had the devastating impact on Russia's economy that was expected.

Therefore, he called for a focus on closing loopholes that allow evasion and the imposition of restrictions on countries that support Russia.

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Additionally, Minister Marchenko underscored the need to accelerate the development of mechanisms to confiscate Russian assets and direct them towards Ukraine's reconstruction efforts. He emphasized the view that, as the aggressor, Russia must be held accountable for its actions and compensate Ukraine for its losses.