July 16, 2024

Finland supports the transfer of Russia’s assets frozen abroad to Ukraine as financial aid for the latter.

Source: Ville Tavio, Minister for Development Cooperation and Foreign Trade of Finland, in an interview with Ukrinform news agency

Quote: “We act in favour of arresting frozen Russian assets and repurposing the income from these assets to support Ukraine. We need to find a legal solution for repurposing frozen assets jointly with partner states.”

Details: Tavio also stated that Ukraine can count on Finland’s support in the future for eliminating disastrous consequences of the Russian aggression.

He revealed that Finland is going to participate in the process of the rebuilding of Ukraine and is creating a national rebuilding plan jointly with the private sector.

“The first part of the plan will be published by the end of this year. It will be focused on how the Finnish private sector can participate in the rebuilding of Ukraine. The second half will be prepared shortly after that. It will consider Finnish support for Ukraine in a broader context, including the cooperation aimed at development,” Tavio explained.

Background:

  • Earlier, Dmytro Kuleba, Minister of Foreign Affairs of Ukraine, reported that the EU is getting closer to the decision about a general legal mechanism for using frozen Russian assets in favour of Ukraine.

  • Meanwhile, the EU’s intent to use billions of dollars of frozen Russian assets for the rebuilding of Ukraine faces obstacles due to the concern about the risks for financial markets.

  • Belgium and Luxembourg, in particular, need guarantees that they will not be obliged to take all legal and financial risks of such an unprecedented step.

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