Future Use of Frozen Russian Assets for Ukraine

Over 130 Nobel laureates have called for the use of frozen Russian assets to help reconstruct Ukraine and compensate victims of the war. Here's a quick overview of this significant appeal.

Key Topics Covered

• Nobel laureates' appeal for reconstruction funds
• Signatories include prominent human rights activists and scientists
• Current status of frozen Russian central bank assets
• Potential need for new laws to release these funds

Details of the Appeal

The appeal specifically suggests that the frozen assets—estimated at around €300 billion ($3.25 billion)—should be allocated for rebuilding Ukraine and compensating those affected by the ongoing conflict. These assets have been frozen due to sanctions imposed following Russia's invasion of Ukraine.

Who Signed the Petition?

Some notable signatories include:

• Shirin Ebadi - Iranian human rights lawyer
• Lech Wałęsa - Polish activist
• Elfriede Jelinek - Author
• Herta Müller - Author
• Orhan Pamuk - Author
• Reinhard Genzel - Physicist
• Ferenc Krausz - Physicist
• Roger Penrose - Physicist
• Michael Levitt - Chemist
• Gerhard Ertl - Chemist
• Christiane Nüsslein-Volhard - Biologist
• Edmund S Phelps - Economist

Next Steps

The petition will soon be presented to Oleksandra Matviichuk, head of Ukraine's Centre for Civil Liberties, which received the Nobel Peace Prize in 2022. The call to action emphasizes the need for these funds to be released to facilitate the country’s recovery and adherence to international law.

Interest Generated From Assets

These frozen funds, held across G7 and EU member countries, continue to accrue interest. For instance, last July, the EU released €1.5 billion in interest earnings to provide military aid to Ukraine. Currently, approximately €210 billion remains frozen within EU jurisdictions, and using these funds may require a dispossession order.

Legal Considerations

The petition acknowledges that new legislation might be necessary to access these resources, citing the "undeniable emergency and gross violations of international law." The restoration of Ukraine demands swift action, according to the laureates.