The governments of 35 countries that signed the relevant founding convention proceeded with the establishment of the International Claims Committee for , which aims to examine claims for damages caused by Russian aggression against Ukraine. At the same time, according to the president of Ukraine, the processes for peace in Ukraine are progressing steadily and the frozen Russian funds could be a counterweight to the problems his country is facing from the limitation of its support by some of its allies.
What does the Convention provide for the operation of the Commission
Based on what is foreseen in the contract, the Commission will operate under the auspices of the Council of Europe and its establishment will be completed in three stages. In the first phase, the Register of Damages for Ukraine is integrated into it, in which more than 80,000 complaints and claims for compensation have already been filed.
The second stage will be the work of the International Claims Commission, which will deal with the reparations that will ultimately have to be paid for the damages caused by Russian aggression against Ukraine.
These two tools will ensure a systematic approach to the collection and verification of data on damages, as well as to the identification of responsible persons and states obliged to pay reparations.
The third stage of the international mechanism will be the creation of a reparations fund, from which Ukraine will be able to pay reparations.
The sources of funding are still being debated, but most of the money is likely to come from frozen Russian assets or the interest that has accrued on them.
The International Register of Damages Caused by Russian Aggression was established on May 17, 2023, during the Council of Europe summit in Reykjavik.
This was the first step in creating a global reparations mechanism for Ukraine. Forty countries joined the initiative and a Registry office was opened in Kyiv.
In April 2024, the Registry began accepting applications from citizens whose homes were destroyed during the war. Ukrainians can now submit applications to the International Register of Damages in 10 categories, with the number expected to increase to 45 by the end of 2025.
What Zelensky said about peace and frozen Russian funds
Ukrainian President Volodymyr Zelensky also participated in the meeting to establish the organization, who, among other things, asserted that the draft agreement for peace in Ukraine is ready, will be finalized within the next two days and will be sent to Russia. According to him, due to the war, Ukraine is facing financial problems due to the lack of support from some of its partners, but the frozen Russian funds could balance them.
As he revealed on the issue of security guarantees, a vote of the US Congress is expected and that the final documents will be ready later tomorrow Wednesday. Then based on this, the US will proceed to consultations with Russia, and then high-profile meetings will follow, probably over the weekend. According to him, in case the efforts to grant the loan from the frozen Russian funds do not bear fruit (the next steps are crucial for this and the processes of the Summit that starts the day after tomorrow), then Ukraine will necessarily rely on different sources of financing. If Russia does not reject the peace proposal, then Ukraine needs about 45 billion dollars a year in support to be able to continue fighting.
