Ambassador to urge Ireland to use €1.8bn in frozen Russian assets to help Ukraine

Ukrainian ambassador to Ireland, Larysa Gerasko, will tell TDs that more than 11m Ukrainians have been displaced by the war

Ukrainian ambassador to Ireland, Larysa Gerasko, says that Ireland could follow the example of Belgium, which is creating a fund for Ukraine using taxes on seized Russian central bank assets.

Ireland should reroute €1.8bn in frozen Russian assets to financially aid Ukraine, the Ukrainian ambassador to Ireland, Larysa Gerasko, will tell TDs on Tuesday.

Ms Gerasko will say that Russian assets which have been blocked since the beginning of the war in 2022 should be provided to Ukraine for repairs and compensation.

“All the Russian assets that are blocked today ($300bn-$500bn) should be the priority for the restoration of Ukraine and compensation for the damage,” Ms Gerasko will say.

She is due to highlight what is happening in Belgium, which is creating a fund for Ukraine using taxes on seized Russian central bank assets.

In October, EU leaders agreed to plans to put profits from frozen Russian assets towards the reconstruction of Ukraine, with the European Commission delivering options to do so in late November.

In the short term, these options include the establishment of a structure to manage the frozen funds, invest them, and put any profits towards Ukraine’s reconstruction.

“We strongly believe that Ireland can employ the Belgian practices and put the €1.8bn of Russian assets frozen in Ireland towards the financial assistance to Ukraine,” Ms Gerasko will tell TDs.

However, she will also say there are “legal and practical challenges” to reallocating the seized assets to Ukraine but that it will “hold Russia accountable” for the invasion.

It provides compensation for damages to Ukraine, deters future aggression, promotes accountability, strengthens the rule of law, reduces Russia’s financial resources, and restores legitimacy to the international system.”

Ms Gerasko is due to highlight the displacement of millions of Ukrainians, internally and internationally, since the war began in February 2022.

“More than 11m Ukrainians remain displaced, including five million within Ukraine, and a further 6.2m have been seeking safety abroad, including more than 100,000 who got temporary protection in Ireland,” Ms Gerasko will say.

The ambassador is also due to thank Ireland for supporting Ukraine’s bid to join the EU, while also calling for further sanctions against Russia.