In September 2024, the #MakeRussiaPay conference was held, where the ICUV team, together with AntAC partners, continued working on the complete confiscation of $300 billion of Russian assets. This international event brought together experts, prominent political figures and journalists to discuss key mechanisms for holding Russia financially responsible for its aggression against Ukraine.

The conference was moderated by Hanna Hopko, co-founder of the International Center for Ukrainian Victory, Head of the Board of ANTS National Interests Advocacy Network.

The conference included three main panels:

• Make Russia Pay
• Bankrupt Russia War Machine: introducing WAR TAX on Russian “LNG”
• Sustainable & Accountable Mechanism for Using Seized Russian Funds: Introducing Ukraine Restitution & Reconstruction Bank

The event was focused on developing an effective legal mechanism for the complete confiscation of Russian assets, as well as on the introduction of a “war tax” on Russian liquefied natural gas (LNG), which could become an economic instrument to deter Russian military aggression.

The conference was opened by the Ambassador of Japan to Ukraine, Matsuda Kuninori, who emphasised that Russia must take full responsibility for the damage caused, and the international community is actively discussing mechanisms for confiscating Russian assets. Katarina Mathernova, Ambassador of European Union to Ukraine, focused on the EU’s success in implementing sanctions against Russia, including the freezing of €210 billion in assets.

Russia must bear the legal consequences of all its internationally wrongful actions, particularly by making reparations for injury and damage.

Matsuda Kuninor, the Ambassador of Japan to Ukraine

The first panel was dedicated to the discussion of the Russian Central Bank’s asset confiscation, why complete asset confiscation is critical, and the challenges that block this possibility, including legal and economic risks.

The panel was moderated by Olena Halushka, Head of the Board at the International Center for Ukrainian Victory, Member of the Board at Anti-Corruption Action Center.

Among the speakers were:

• Iryna Mudra, Deputy Head of the Office of the President of Ukraine 
• Andrii Mikheiev, Legal Expert at the International Center for Ukrainian Victory
• Roman Sulzhik, Economic Analyst, former JP Morgan and Deutsche Bank executive
• Yuliya Ziskina, Representative of Razom for Ukraine 
• Regis Bismuth, Professor at Sciences Po Law School, Director of Studies of the French Branch of the International Law Association

The second panel of the conference was held under the thesis: “If you can’t block something, but you really want to, tax it”. This panel was dedicated to the discussion of war tax, prepared by our speaker Victoria Voytsitska and Olga Balytska, Head of Real Estate and Infrastructure at PwC Ukraine. The participants pointed out that Russia has earned more than 800 billion euros since the beginning of the full-scale invasion by selling energy resources. They discussed a mechanism that would prevent this process in the future, in particular through the introduction of a tax on Russian energy resources.

Olga Balytska noted that the import duty on Russian LNG remains at 0% and that there is a legal provision that allows a World Trade Organisation (WTO) member state to be removed from its most favoured nation status.

Article 21 of the General Agreement on Tariffs and Trade (GATT), dated 1947 states, that in order to preserve the security of the implementation of the UN Charter, it is permissible to remove most favoured nation treatment from a WTO member for this purpose.

Olga Balytska, Energy expert

The third panel of the conference featured our speakers Daria Kaleniuk, Olena Halushka and Mykola Yurlov, Deputy Director of the Department for International Cooperation and Representation at the Ministry of Justice of Ukraine. The participants discussed the establishment of the Ukraine Reconstruction Bank , drawing an important parallel with the Reconstruction Bank that was established for the Federal Republic of Germany after the Second World War.

The panel focused on the need to create a specialised financial institution that can effectively coordinate and manage resources for Ukraine’s post-war recovery. Participants stressed that Germany’s experience could be a valuable lesson for Ukraine. They discussed the possibilities of attracting international investment and financing, as well as the importance of transparency and accountability in resource management.

Last year, the ICUV team organised Make Russia Pay conferences in Brussels, Rome, Washington and Berlin, and held demonstrations with partners around the world. During the conference in Kyiv, it was emphasised that despite our efforts to implement a $50 billion grant that will cover the proceeds of frozen Russian assets, we continue to work towards the complete confiscation of $300 billion. Our team is actively seeking new arguments to support our partners and the international community to strengthen our position. Particular attention was paid to a fresh analysis of the probability of Russia challenging the confiscation in international courts, which is a key element of our strategy.

We would also like to express our sincere gratitude to all journalists and guests of the conference who joined us in discussing important issues. Together with our international partners and all those who support our cause, we will continue to fight for justice and the recovery of our country.