In Ukraine, it is expected that the Loss Register will begin to operate in the first quarter of 2024

The government said that they expect the Register of Damages Caused by russia to start operating in the first quarter of next year.

This was announced by Prime Minister Denys Shmyhal during the government meeting.

“The main resource for Ukrainian recovery should be the confiscation of russian assets frozen in the West. We are working to ensure that the principle of “russia will pay” will be implemented as soon as next year” the head of government said.

He noted that last week seven members were elected to the Loss Register Council. As Shmyhal explains, the compensation mechanism will consist of three components:

  • a register that records the damage caused;
  • compensation claims review commission;
  • compensation fund from which benefits will be paid.

It is about 300 billion euros of sovereign assets of the russian federation and another 28 billion euros of private assets that are kept in the EU and other developed countries.

The Prime Minister added that 43 countries and the European Union are participating in the creation of the Register of Damages. Rules and procedures for its work will be approved soon.