Ukraine could be given a route to billions, potentially even hundreds of billions of euros, in frozen Russian assets under a proposed mechanism backed by the Council of Europe’s parliamentary body.

Frozen Russian billions could fund compensation

The Parliamentary Assembly of the Council of Europe (PACE) says Russian Central Bank assets frozen abroad could potentially be redirected to compensate Ukraine following rulings by the European Court of Human Rights (ECHR).

PACE’s Legal Committee adopted a draft resolution and recommendation based on a report by UK representative Tony Whitmore. It argues using the assets as compensation could constitute a legitimate countermeasure under international law.

ECHR rulings open the door

The ECHR has already found Russia responsible for serious human rights violations linked to its war against Ukraine in two interstate cases. While the court has yet to determine the exact amount of compensation, PACE says the scale of the damage could push the figure into the billions, tens of billions or potentially hundreds of billions of euros.

Russia’s departure from the Council of Europe would not erase its liabilities, parliamentarians said. Moscow remains responsible for violations committed before it ceased to be bound by the European Convention on Human Rights.

A new mechanism could put pressure on Moscow

PACE is calling for a special financial mechanism under Council of Europe auspices to redirect frozen Russian funds towards Ukrainian compensation claims. National authorities would also be urged to create routes for other victims who have secured judgments against Russia to seek payment if Moscow refuses to comply.

The committee has further proposed a public list of people accused of responsibility for major human rights violations who have not been held accountable.

Decision could come within weeks

The proposals are due to face further scrutiny when PACE meets on September 30. If backed, they could add significant legal and political pressure to efforts to turn Russia’s frozen wealth into a source of compensation for Ukraine.

The move follows landmark ECHR rulings in 2025 concerning Russia’s actions in Ukraine, including findings over human rights violations and the downing of Malaysia Airlines flight MH17.

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