Council of Europe’s Parliamentary Arm Backs Russian Asset Seizure
The Parliamentary Assembly for the Council of Europe (PACE) unanimously adopted a resolution last week recommending that $300 billion in frozen Russian state assets be used to support Ukraine’s reconstruction.
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PACE, the parliamentary body of the human-rights focused international organization, called for depositing the Russian assets in an international trust fund and creating an international commission to adjudicate claims of damage caused by Russia’s Ukraine invasion.
PACE’s action came a day before U.S. Deputy Treasury Secretary Wally Adeyemo said the Biden administration is continuing to talk with other Group of Seven nations about the possibility of repurposing frozen Russian assets to help Ukraine (see 2404170050).
The U.S. Senate, meanwhile, on April 23 began considering a House-passed bill that would, among other things, authorize seizing $5 billion in frozen Russian central bank assets in the U.S. to help rebuild Ukraine (see 2404220041). Russian presidential spokesman Dmitry Peskov denounced the American proposal April 22, saying it's illegal and would lead to retaliation and litigation, Russian news agency Interfax reported. Peskov issued a similar warning to the EU in March.