The Cabinet of Ministers of Ukraine proposes to establish a subgroup on the issue of confiscating Russian sovereign assets abroad, announced Prime Minister Denys Shmyhal.

"President Volodymyr Zelenskyy has set a clear task to ensure that frozen Russian assets in the West are directed in favor of Ukraine. Today, we are taking an important step. We are approving the draft decree of the President of Ukraine, which updates the composition of the working group responsible for developing compensation mechanisms. And we are creating a separate subgroup that will work directly on the issue of confiscating Russian sovereign assets abroad," Shmyhal said at a government meeting on Friday.

According to him, the subgroup will include representatives of ministries, the Office of the President, parliament, the National Bank, Ukrainian, and foreign experts.

"We are already discussing with our partners the specific mechanisms of how Russia should pay... It is important that some of our partners have already taken decisive steps. Canada has been one of the leaders in this process. Recently, the U.S. Congress granted the President broad powers to confiscate Russian sovereign assets," he said.

Shmyhal also noted that in June, at the summit of G7 leaders, the mechanism for using Russian assets in favor of Ukraine should be finally agreed upon.