Dáil Éireann Debate, Thursday - 9 May 2024
96. Deputy Willie O'Dea asked the Tánaiste and Minister for Foreign Affairs what further action is being taken with regard to the use of frozen Russian assets to aid Ukraine; and if he will make a statement on the matter. [20581/24]
View answer105. Deputy Brendan Griffin asked the Tánaiste and Minister for Foreign Affairs the up-to-date position regarding the possibility of the EU liquidating frozen Russian assets; the position Ireland takes on this; and if he will make a statement on the matter. [20889/24]
View answerI propose to take Questions Nos. 96 and 105 together.
In February 2024, the EU reached agreement clarifying the legal status of the extraordinary revenue generated from the immobilised Central Bank of Russia revenues and ensuring that such revenue is held separately from the assets themselves.
It is estimated that more than €200 billion of immobilised assets of the Central Bank of Russia are held in the EU as a result of sanctions. Irish institutions do not hold any assets of the Central Bank of Russia.
Since then, Ireland has been actively engaging in ongoing EU discussions on how this revenue can now be transferred and used to support Ukraine, including with a view to addressing its most immediate military needs, notably through the European Peace Facility.
This process has been coordinated with international partners, with consideration given to the complex legal and economic questions involved.
I welcome the progress that has been made on these proposals to date and would like to see agreement finalised as soon as possible. I have repeatedly emphasised that Russia should be held accountable for the appalling damage caused by its illegal invasion in Ukraine.
In addition to this, as a result of the restrictive measures adopted in response to Russia's aggression in Ukraine, approximately €21.5 billion in assets have been frozen as the EU. This includes over €1.9 billion of Russian funds frozen in Irish financial institutions. These funds relate to asset freeze measures for listed individuals and entities. As with all EU sanctions regimes, the measures introduced in response to Russia’s illegal aggression in Ukraine provide for the freezing of the assets for the duration of the sanctions regime rather than the seizure or confiscation of the assets.
