Ministers of Finance of Ukraine and Lithuania discussed mechanisms of allocating seized russian assets for Ukraine's needs

Today, on 7 March, Minister of Finance of Ukraine Sergii Marchenko held a working meeting with Minister of Finance of Lithuania Gintare Skaiste during her visit to Ukraine.

The meeting was also attended by First Deputy Minister of Finance of Ukraine Denys Ulyutin and Deputy Minister of Finance of Lithuania Mindaugas Liutvinskas. 

The parties discussed the current economic situation in Ukraine, the needs of the State Budget in 2024 and the mechanisms for allocating the seized russian assets to Ukraine.

Sergii Marchenko thanked the Government and people of Lithuania for their assistance to Ukraine and expressed hope for further active cooperation between the countries.

"Lithuania was one of the first countries to support Ukraine at the beginning of the full-scale invasion, in particular by providing military and humanitarian aid and imposing a number of sanctions against russia. We are grateful to the Government of Lithuania for its comprehensive support which continues to contribute to the resilience of our country in extremely difficult conditions", the Minister of Finance of Ukraine said. 

Since the beginning of the full-scale war, the Government of Lithuania has provided Ukraine with about EUR 20 million in direct budget support. Lithuania is one of the top countries in the world by the level of assistance as a share of its GDP - over 1.5%.

Sergii Marchenko also stressed that given the current uncertainty about external financing, the Government of Ukraine highly appreciates Lithuania's contribution to consolidating attention to the urgent needs of our country in the international arena. 

The parties also paid special attention to the issue of seized russian assets in favour of Ukraine, in particular in the process of recovery.

"The frozen assets of the russian federation should become the foundation for further financing the restoration and reconstruction of Ukraine. This is another step towards making the aggressor accountable for its crimes. We hope that our allies will be able to find a solution and implement mechanisms to transfer the confiscated assets to Ukraine," the Minister of Finance added. 

According to the Financial Crime Investigation Service (FNTT) of the Lithuanian Ministry of Internal Affairs, since February 2022, Lithuania has seized over EUR 100 million worth of assets of the russian federation and Belarus.

Gintare Skaiste emphasised that the Government of Lithuania will continue to stand with Ukraine in providing the necessary support.  

The Ministries of Finance of Ukraine and Lithuania are actively working to implement the necessary measures aimed at mobilising financial assistance and possible further cooperation within the Multi-Agency Donor Coordination Platform. 

On 14 February, during the eighth meeting of the Platform, Lithuania joined the event as an observer for the first time.