Proceeds From Frozen Russian Assets Already Being Used To Restore Ukraine's Energy System Lorkowski

(MENAFN- UkrinForm) A portion of funds which has been recently allocated by the European Union for the Ukraine Energy Support Fund comes from the proceeds from frozen Russian assets, and this approach provides a practical means of holding Russia accountable for the damages it has caused in Ukraine.

The relevant statement was made by Energy Community Secretariat Director Artur Lorkowski in an interview with Ukrinform.

“Some of these resources, recently provided by the European Union, come from the proceeds of Russian assets frozen by the EU. The European Union decided to freeze these assets, but as they continue to generate profits, a portion of these profits has been allocated to the Fund. We are using this money to purchase essential equipment for Ukraine's energy system. This approach provides a practical means of holding Russia accountable for the damages it has caused in Ukraine,” Lorkowski told.

In his words, the Fund focuses on specific projects directly impacted by the damages Russia has inflicted on Ukraine's infrastructure. In this context, the Ukrainian Energy Ministry identifies specific support requests, and the Energy Community Secretariat organizes resources to address them.

“The Ministry is the Fund's beneficiary and allocates money to projects; we simply provide the equipment to make these projects viable. We play an important yet limited role in this process, without responsibility for Ukraine's overall energy policy – that responsibility lies with your government. Our responsibility is to use the donors' contributions to fund Ministry-prioritized projects as efficiently and quickly as possible, employing proper procurement procedures to ensure cost-effectiveness,” Lorkowski explained.

A reminder that the Ukraine Energy Support Fund, which was established in April 2022, is administered by the Energy Community Secretariat.

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