Ukraine considers moves to issue debt receipts backed by Russian assets

Ukraine is considering the possibility of issuing debt receipts backed by frozen Russian assets to raise funds for rebuilding the economy and infrastructure followingRussia's invasion, a presidential adviser said on Tuesday.

Oleh Ustenko, who advises President Volodymyr Zelenskiy on the economy, said Kyiv could use a basket of Russian assets that have been or will be frozen as collateral for the issue.

If such a plan is adopted, “special debt receipts will be issued for the value of this basket which will then be sold on the international financial market,” Ustenko said at a briefing.

He saidUkrainewas eyeing $350 billion of Russian central bank assets and $150 billion worth of assets owned by senior Russian officials that he said had been frozen by the Group of Seven rich countries.

“These assets will guarantee payments,” he said.

He saidRussia's Feb. 24 invasion had already caused about $1 trillion in losses forUkraine, whose gross domestic product was $200 million in 2021.

“There is a clear concept that the aggressor must pay for all the losses inflicted on us,” said Ustenko.

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