The Parliamentary Assembly of the Council of Europe (PACE) called on states to develop legal mechanisms for using russian state assets to pay Ukraine compensation awarded in rulings by the European Court of Human Rights (ECHR). PACE adopted the relevant resolution and recommendation on September 30, Ukrinform reports.
The Assembly called on member states and observer states to take the necessary legal and practical measures regarding russian state assets held under their jurisdiction. This involves transferring these assets to a mechanism for financing payments after the ECHR determines the amount of compensation in interstate cases brought by Ukraine against russia.
PACE noted that using russian state assets for such payments could constitute a lawful countermeasure under international law. At the same time, according to the Assembly's position, russia must bear the legal consequences of its aggression and compensate Ukraine for the damage caused.
The ECHR has already established russia's responsibility for serious human rights violations in two interstate cases brought by Ukraine, but the amount of compensation has not yet been determined. PACE noted that, given the scale of the damage caused, future payments could amount to tens or hundreds of billions of euros.
In its recommendation, the Assembly proposed establishing a mechanism under the auspices of the Council of Europe to receive russian state assets allocated for compensation payments to Ukraine. The transferred funds should count toward the compensation that russia is obliged to pay Ukraine. Such a mechanism could operate independently or become part of a future compensation fund.
According to PACE, approximately €260 billion in assets belonging to the Central Bank of russia were frozen after the start of the full-scale invasion, of which approximately €210 billion are held in the European Union.