Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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32. To ask the Minister for Foreign Affairs and Trade his view of the recent agreement at the G7 summit to mobilise an extra $50 billion of aid to Ukraine using frozen Russian state assets; and if he will make a statement on the matter. [27279/24]

Micheál Martin (Cork South Central, Fianna Fail)
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I welcomed the agreement reached at EU level last month to set aside the extraordinary revenue generated from immobilised Central Bank of Russia assets and to transfer this to support Ukraine, including through the European Peace Facility.

I have repeatedly stated that Russia should be held accountable for the appalling damage caused by its illegal invasion in Ukraine. The agreement reached at EU level is an important step forward. The focus now is on ensuring such funds are transferred to Ukraine as quickly as possible.

Discussions are also continuing at EU level to examine further possibilities for immobilised Russian assets being used to support Ukraine, in coordination with international partners and in accordance with international law.

Earlier this month, G7 leaders reached political agreement on the use of the extraordinary revenues from Russian sovereign immobilised assets to secure a loan of approximately USD 50 billion for Ukraine by the end of the year. Discussions are now taking place on the modalities of providing such support to Ukraine, including on how the revenue from those Russian sovereign assets held within the EU could be used.

EU Member States have immobilised approximately €210 billion of assets of the Central Bank of Russia as a result of sanctions. It should be noted that as Irish institutions do not hold any assets of the Central Bank of Russia, no such assets have been immobilised by Ireland.