Dáil Éireann Debate, Thursday - 30 November 2023
226. Deputy Barry Cowen asked the Tánaiste and Minister for Foreign Affairs if he has had any discussions with EU partners on how any extraordinary revenues held by private entities stemming directly from Russia's immobilised assets could be directed to support Ukraine and its recovery and reconstruction; and if he will make a statement on the matter. [49963/23]
Amharc ar fhreagraRussia should be held accountable for the appalling damage it is causing in Ukraine. Ireland is actively involved in discussions on exploring the use of immobilised assets to cover the costs of reconstruction in Ukraine.
Ireland participates in the Ad Hoc Working Group established by the European Council to analyse the legal, financial, economic and political feasibility of this question. Discussions are currently focused on a ‘windfall contribution’ option. This would establish a framework to use the interest generated on immobilised Russian Central Bank funds for reconstruction in Ukraine. The European Council conclusions of 26 and 27 October call for work on this matter to be accelerated with a view to submitting a legislative proposal.
Ireland supports this ongoing work to determine how revenues stemming from immobilised Russian sovereign assets could be directed under applicable laws to support Ukraine’s recovery and reconstruction. We have underlined the importance of coordination with international partners on this matter, as well as the need to take into account the views of the European Central Bank (ECB) concerning financial stability and the potential impact any decision could have on the international role of the Euro.
