(MENAFN- UkrinForm) All Russian assets that have been seized abroad should be used to rebuild Ukraine. In addition, Russia's oil revenues could also be a source of compensation for Ukraine in the future. Stephen Rademaker, chief counsel to the United States House Committee on Homeland Security and an Assistant Secretary of State from 2002 through 2006, expressed this opinion at a special event at the Kyiv Security Forum, Ukrinform reports.
Canada has already taken this leading role by passing a law that allows Russian assets located in Canada to be used for these purposes. The United States can do the same. But most of the Russian money is in Europe, he said. In his opinion, the Americans should follow Canada's example, and then Europe will follow the example of Canada and the U.S.
According to Rademaker, there is no doubt that under international law Russia is responsible to Ukraine for the enormdamage caused by its illegal military aggression and must compensate for the corresponding losses.
Read also: U.S. seizes $1B worth of Russian asset s abroad He recalled that the last example of colossal aggression in the world was Iraq's invasion of Kuwait.
Iraq bore financial responsibility. It paid compensation to all those who suffered in Kuwait for 30 years. This compensation was paid from Iraqi oil revenues. Russia is a major oil exporter. Its oil revenues can also be a source of compensation for Ukraine in the coming years, the expert believes.
Rademaker also noted that the World Bank estimates that by February 2023, Russia had caused USD 411 billion in damage to Ukraine. But since then, this amount has increased. Therefore, in theory, Russia should write Ukraine a check for at least this USD 400 billion, he said, admitting that it is unlikely that the aggressor state will take such a step.
At the same time, the expert is convinced that there are legal mechanisms that will allow the international community to use Russian assets seized abroad to restore Ukraine.
The Kyiv Security Forum, founded by the Arseniy Yatsenyuk Open Ukraine Foundation, is a platform for discussing issues of war and peace, national and global security.
Read also: €103M frozen in Lithuania due to sanctions against Russia, BelaAs Ukrinform reported, Prime Minister Denys Shmyhal believes that after the international commission for the confiscation of Russian assets and the corresponding international fund are established, the United States and Canada will be the first to transfer frozen assets there.
Ukraine is already preparing a mechanism to confiscate up to USD 500 billion of Russian assets frozen in the West.
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