The Committee on Political Affairs of the Parliamentary Assembly of the Council of Europe (PACE) has adopted a draft resolution on the confiscation of Russian assets frozen in the West and their allocation to the reconstruction of Ukraine.

The committee states in the draft resolution, based on the report of Albanian representative Lulzim Basha, that Russia, as an aggressor country, should provide "full compensation for the injury caused by its internationally wrongful acts, including the destruction of infrastructure, loss of life, economic hardship, and other adverse effects".

It should be noted that at this point, the project is still under discussion and is yet to be approved at the PACE level.

The text suggests that the Council of Europe should lead the process of "the seizure of Russian state assets and their use in support of Ukraine's reconstruction," noting that as of June 2023, Ukraine's war-related losses were estimated to be US$416 billion.

The Committee recommends that an international compensation mechanism be established under the auspices of the Council of Europe, which would include the establishment of an international trust fund into which assets from Council of Europe member countries and other states would be transferred.

It is also proposed to establish an impartial and effective commission to consider claims that will adhere to generally recognised legal norms in order to consider applications from Ukraine and other entities (individuals and legal entities) affected by the Russian aggression.

The Committee urges Council of Europe member states and other countries that have frozen Russian assets to actively cooperate in transferring these assets to this mechanism, which has the support of the EU, the United States, and the Group of Seven countries.

"Under international law, states possess the authority to enact countermeasures against a state that has seriously breached international law. Now is the time for Council of Europe member states to move from sanctions to countermeasures," the committee said, adding that the legitimacy of such countermeasures remains unquestionable within the framework of sovereign immunity.

According to the project, this will help strengthen Ukraine, ensure Russia's responsibility, and deter future acts of aggression.

The Parliamentary Assembly, which consists of parliamentarians from 46 countries, should address this issue during one of its upcoming sessions.

This project is part of the compensation mechanism, which was agreed upon during the Council of Europe summit in Reykjavik in summer 2023.

As part of this plan, they have already established a register of losses caused by Russian aggression and appointed its head.

Read the article to learn who in Ukraine will be eligible for a share of Russian money and how the new mechanism will work: Russian Funds for Ukrainian Victims: What European Leaders Agreed on at Reykjavik Summit