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US and Europe should follow in Canada’s tracks and allow to use russian assets for Ukraine’s reconstruction – Rademaker

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All russian assets seized abroad must be directed for the reconstruction of Ukraine, Steven Rademaker, Assistant Secretary of State for International Security and Non-Proliferation in 2005-06, said during a special event of the Kyiv Security Forum.

Read also: Economic risks of confiscation of russian assets are fictitious and are voiced mainly by russia’s supporters – professor at Indiana University
“Canada has already taken this lead role – it has adopted a law stating that russian assets located in Canada can be used for these purposes. The US can do the same. Still, the major share of russian money is in Europe. Therefore, I think the Americans should follow in Canada’s tracks and Europe eventually follows the example of Canada and the USA,” he said.

According to Stephen Rademaker, under international law russia is undoubtedly liable for all the enormous losses and damages it incurred to Ukraine as a result of illegal military aggression, and therefore it must compensate all the inflicted losses and damages.

He recalled the latest example of the massive aggression seen by the whole world with Iraq invading Kuwait.

“And Iraq bore all the financial responsibility – it paid compensations to all who have suffered for 30 years in Kuwait. The said compensations were paid from the Iraqi oil revenues. russia is a major exporter of oil, and its oil revenues can also become a source of compensation (for Ukraine – ed.) in the coming years,” the expert believes.

Stephen Radamaker also noted that, according to the World Bank’s estimates, by February 2023, russia had inflicted damages to Ukraine amounting to $ 411 billion. “Since then, this amount has increased. Therefore, in theory, russia should write a cheque to Ukraine for at least the mentioned $ 400 billion,” he noted, admitting that the aggressor state is unlikely to take such a step.s

At the same time, the expert is convinced that there exist legal mechanisms allowing the international community to direct russian assets seized overseas for the restoration of Ukraine.

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