Frozen Russian assets must be used to compensate Ukrainian losses – Lithuanian minister

VILNIUS – Having started the ongoing war in Ukraine, Russia must be held accountable for its actions and pay financially for the enormous damage it has caused, Lithuanian Finance Minister Gintare Skaiste says, adding that one of the possible options is to use frozen Russian assets for compensation.

"The EU and its supporters have already taken the first step by taking measures to freeze the assets of Russian individuals, companies and the central bank. We now need to go even further and work together with international partners, act together at the national, EU and global level and to create a joint mechanism to compensate for war losses to Ukraine, using seized Russian assets," Skaiste was quoted as saying in a statement released after her meeting with Poland's incoming Finance Minister Magdalena Rzeczkowska.

The two ministers also discussed the existing humanitarian refugee crisis caused by the war, mainly affecting the Ukrainian border and the Baltic states. The European Commission's assistance to date is highly appreciated but insufficient, Skaiste said, as a new financial instrument is needed to help the countries accepting refugees.

Poland has so far received the largest number of fleeing Ukrainians, and Lithuania has already taken in 50,000 Ukrainian refugees.