The Australian Federation of Ukrainian Organisations (AFUO) has called on the Australian Government to support global efforts to harness frozen Russian assets and ensure Australia’s own laws can facilitate the use of Russian assets being held in Australia to support Ukraine’s reconstruction and recovery.
“We have seen the G7 overnight agree that a US$50 billion loan will be given to Ukraine to help it defend itself, rebuild infrastructure, and support the national budget. G7 members have agreed that this loan will be repaid using interest generated from Russian assets frozen under sanctions regimes around the world since the start of Russia’s full-scale invasion,” said Stefan Romaniw OAM, co-chair of the AFUO.
“It is speculated there could be hundreds of millions — perhaps even billions — of dollars’ worth of Russian assets held in Australia, so it is time the Government confirmed its willingness to join international efforts to redirect such assets to Ukraine.
“The Russian Federation’s senseless and brutal invasion has wreaked over US$486 billion worth of damage to Ukrainian infrastructure. It should be made clear to Russia that it needs to pay a price for such unjustified and illegal aggression.
“The case for Australia’s involvement has been publicly made to the Government recently by way of a letter signed by notable figures including former prime ministers and senior cabinet ministers, former ambassadors, former premiers, former military leaders, union leaders, think tankers, advocates and academics.
“We repeat the call from Opposition foreign affairs shadow minister Senator Birmingham that the Government should ensure Australia’s laws enable the leveraging of Russian assets to help Ukraine.
“Overcoming potential legislative hurdles to participate actively in this initiative would reaffirm Australia’s commitment to upholding international law, supporting democratic values, and ensuring justice.
“Utilising Russian assets can be pivotal in providing financial resources to rebuild Ukraine’s infrastructure, support displaced populations, and revitalise the economy. It could also put pressure on Putin and influence his strategic decision making,” Mr Romaniw concluded.
Image source: Simon Dawson / No 10 Downing St
