For the second year in a row, Kyiv hosted a conference dedicated to frozen Russian assets and their confiscation for the benefit of Ukraine. The International Centre for Ukrainian Victory (ICUV), together with its partner, the National Interests Advocacy Network (ANTS), organized the international conference Money for Victory: Make Russia Pay 2025.

The event brought together leading experts, embassy representatives, prominent political figures and journalists. We focused on the core issue we work on every year: how to turn frozen Russian assets into a tangible resource for strengthening Ukraine’s defense.

The key topics of the conference included:

• optimizing the use of frozen assets of the Russian Central Bank;
• increasing Ukraine’s domestic revenues through comprehensive financial and rule-of-law reforms;
• attracting additional external financing for Ukraine’s defense through mutually beneficial mechanisms, joint production, investment partnerships, and models similar to the “Danish model.”

The conference opened with welcoming remarks from distinguished speakers Iryna Mudra, Deputy Head of the Office of the President of Ukraine, Hanna Hopko, Chair of the National Interests Advocacy Network “ANTS” and Co-founder of ICUV, Maryana Betsa, Deputy Minister for Foreign Affairs of Ukraine; and Yaroslav Tymofiychuk, Head of the Political Section of the EU Delegation to Ukraine.

A reparations loan is not the end of the process, but the beginning of a new phase of accountability. Our shared goal is the full transfer of frozen Russian assets to Ukraine. Ukraine calls on its partners to join the EU initiative and align approaches for the lawful use of these assets. Today, over $300 billion in frozen Russian funds represents a historic opportunity to demonstrate that international law can work. Leaving these assets idle would send a signal of impunity. We are making it clear to our partners that Ukraine must decide how the funds from our reparations loan are used – this is our number one priority.

Iryna Mudra, Deputy Head of the Office of the President of Ukraine

The conference featured three main panels. The first, “Creative Ideas to Make Russia Pay,” focused on how the EU can effectively use frozen assets of the Russian Central Bank to finance Ukraine through a “reparations loan” mechanism. Participants discussed the potential long-term impacts of this plan, the existing obstacles, and ways to overcome internal disagreements among EU member states.

The panel was moderated by Olena Halushka, Chair of the Board of ICUV and a Board Member of the Anti-Corruption Action Center.

The Russian war poses an existential threat to Europe. Ukraine is bravely resisting the Russian army, but our resources are not unlimited. Every day of delay in making critical decisions by our partners costs the most precious – human lives. So-called ‘peace initiatives’ that reward the aggressor only push real peace further away. It is time to stop seeking temporary solutions and compromises and focus on systematically strengthening the security and defense of all Europe. Using frozen Russian assets for Ukraine must be the first step on this path.

Olena Halushka, Chair of the Board of ICUV and a Board Member of the Anti-Corruption Action Center

The panel speakers included:

• Luc Jacobs, Ambassador of Belgium to Ukraine
• Mykola Yurlov, Ministry of Foreign Affairs of Ukraine
• Andrii Mikheiev, International Law Expert, ICUV
• Tanel Tang, Foreign Policy Advisor, Cabinet of the President of the European Council
• Timothy Ash, Senior Sovereign Debt Strategist, RBC BlueBay Asset Management

The greatest risk for Europe is doing nothing. If not Russian assets, then what will fund a $100 billion plan each year?

Timothy Ash, Senior Sovereign Debt Strategist, RBC BlueBay Asset Management

The second panel, “Optimizing Domestic Resources through Systemic, Long-Overdue Reforms,” focused on Ukraine’s domestic economic potential and ways to utilize it effectively. Experts emphasized that Ukraine has significant untapped opportunities to generate additional resources internally. Unlocking this potential requires implementing long-overdue reforms, particularly in customs, the activities of the Bureau of Economic Security, and other key institutions.

The panel was moderated by Oleksandra Betliy, Research Fellow at the Institute for Economic Research and Policy Consulting.

Panel participants included:

• Hlib Vyshlinsky, Executive Director, Centre for Economic Strategy
• Benoit Mesnard, Head of Unit D2 on Economic and Sectoral Policies, representing the Ukraine Service at the European Commission’s Directorate-General for Neighbourhood and Enlargement (online)
• Andrew Ockenden, Chargé d’Affaires of the United Kingdom to Ukraine
• Dmytro Kupyra, Program Director, NGO «Advocacy Center LIFE»
• Illia Neskhodovskyi, Head of the Analytical Department, NGO ANTS
• Daria Kaleniuk, Executive Director, Anti-Corruption Action Center (AntAC) / Co-founder of ICUV

The third panel, “What Price Russia Needs to Pay to End the War,” moderated by Mykhailo Samus, Director of the New Geopolitics Research Network and co‑founder of the Defense Information Consortium, examined how to ensure Russia bears full economic, political and legal responsibility for its aggression. Participants discussed practical mechanisms for confiscating frozen Russian assets, strengthening secondary sanctions, and holding perpetrators accountable for war crimes.

The panel speakers included:

• Sir William Browder, Co-founder and CEO of Hermitage Capital Management
• Yehor Cherniev, Deputy Chairman of the Committee on National Security, Defence and Intelligence of the Verkhovna Rada of Ukraine, and Chairman of the Permanent Delegation of Ukraine to the NATO Parliamentary Assembly
• Volodymyr Vlasiuk, PhD in Economics, CEO of Ukraine Industry Expertise, and Head of the Industrial Committee of the Ukrainian Chamber of Commerce and Industry
• Vladyslav Smirnov, Expert and Member of the Appeals Council on Licensing Issues
• Artem Deiak, Expert at the Analytical Center of the National Interests Advocacy Network “ANTS”

During the conference, we presented the joint study with the ANTS network, “Money for Victory,” which analyzes financial risks for 2025–2026 and outlines how Ukraine can offset reduced external assistance using its domestic reserves.

Ukraine faces an unprecedented challenge: funding its defense while maintaining budgetary stability amid reduced support from the U.S. and conditional EU funding.

Analysts propose four key measures: tackling the shadow economy, optimizing the tax system, managing state assets more effectively, and cutting inefficient expenditures.

Despite the war, Ukraine has domestic resources to increase budget revenues, grounded in fairness, efficiency, and economic growth potential. Fairness involves closing shadow schemes and increasing taxation on luxury goods and excise duties; efficiency relies on confiscating Russian assets and maximizing their returns; and economic growth potential comes from removing artificial barriers to the development of Ukraine’s defense industry.

Illia Neskhodovskyi, Head of the Analytical Department, NGO ANTS

We also want to extend our sincere thanks to all journalists and conference guests who joined the discussions on these important topics. Together with our international partners and everyone supporting our cause, we will continue to fight for justice and the rebuilding of our country.