Ukraine plans to confiscate about $500 billion in assets from Russian oligarchs, says Ukrainian Prime Minister

Ukraine plans to confiscate about $500 billion in assets from Russian oligarchs. U.S, Canada, and other international partners are ready to help, says Ukrainian Prime Minister Denys Shmyhal in an interview with RBC Ukraine news agency.

"Our partners are ready to help us to have this great resource. To date, about $300 billion in Russian assets have been seized. These are Russia's reserves, funds that have been seized in the U.S, Canada, and other countries. Regarding Russian oligarch funds, the sum is about $ 500 billion. Together with partners, we want to confiscate all these funds and transfer them for the benefit of Ukraine," Shmygal said.

He says Canada could be the first country to introduce national legislation to confiscate and transfer to Ukraine the frozen assets of Russian oligarchs. "We are currently negotiating with the Canadian Prime Minister, the Ministry of Finance and the government," he added.

Earlier, U.S Secretary of State Anthony Blinken also said that U.S government is currently looking for opportunities to transfer to Ukraine the assets of the Central Bank of Russia frozen in the U.S.

He explained that U.S Ministry of Justice is currently considering whether U.S legislation allows confiscation. So far, U.S Federal Reserve has frozen almost $ 100 billion belonging to the Central Bank of Russia.

U.S House of Representatives has already approved a bill envisaging the confiscation of assets of Russian sanctioned legal entities and individuals and transferring confiscated funds to Ukraine. The bill has yet to be approved by the Senate and signed by U.S President.