Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I propose to take Questions Nos. 13 and 52 together.

I thank the Deputies for raising this important issue. Ireland has supported effective implementation of strong sanctions in response to Russia's illegal actions in Ukraine. I have repeatedly emphasised that Russia should be held accountable for the appalling damage caused by the its illegal invasion of Ukraine. In December 2023, Ireland welcomed the adoption of the EU's 12th sanctions package, which focused on addressing circumvention and strengthening implementation. Ireland supports the continued use of EU sanctions to maintain pressure on Russia. Ireland also supports the work of the European Union's special sanctions envoy, David O'Sullivan, to tackle circumvention.

Ireland has been actively involved in discussions at European Union level exploring the use of extraordinary revenues stemming from immobilised Russian sovereign assets to cover the costs of reconstruction and recovery in Ukraine. In December, the European Council repeated its call for decisive progress on this matter. Discussions have been ongoing regarding the legal, financial, economic and political feasibility of this proposal. In these discussions, Ireland has highlighted the importance of co-ordination with international partners, including the G7, and of careful consideration of all applicable laws in this process. We have also underlined the need to take into account the views of the European Central Bank on financial stability and the potential impact any decision could have on the international role of the euro.

Considerable progress has been made in recent months. This is in keeping with similar work ongoing at G7 level. At the Foreign Affairs Council on Monday, Ministers reached political agreement on a proposal that we hope to see finalised shortly. I also joined efforts in calling for further sanctions against Russia. Ireland will continue to work with partners to hold Russia to account for its actions.

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