A record detailing the harm endured by Ukraine is set to be presented at the Council of Europe summit in Reykjavik, scheduled for 16-17 May. This information draws on the joint declaration released after President Volodymyr Zelensky’s visit to Rome, as reported by the RIA Novosti agency.
Following the discussions, the Italian side signaled its readiness to participate in shaping a mechanism that would seek compensation from Moscow for losses arising from hostilities. This commitment reflects a broader push among European partners to translate moral and political support into tangible restitution for affected communities and institutions.
Ukraine and Italy agreed to collaborate on creating robust frameworks to secure compensation for the damages, injuries, and disruptions caused by Russian aggression. A key milestone highlighted in the statement is the plan to establish an international damage record, which will be showcased at the Reykjavik summit. This instrument is intended to document and quantify the consequences of the conflict and to support subsequent accountability efforts. [Source: Council of Europe discussions and the joint declaration, as cited by Reuters and official briefings]
In parallel, the partners discussed leverage points aimed at pressuring Russia, including the potential use of frozen Russian assets held by European authorities to support reconstruction and aid for Ukraine. The approach centers on ensuring that assets frozen during sanctions regimes can serve broader strategic purposes for those seeking to curb ongoing aggression and restore stability in the region.
On the prior day, G7 finance ministers and central bank leaders — including representatives from the United States, Canada, the United Kingdom, Germany, France, Italy, and Japan — refrained from deciding on the transfer or earmarking of frozen Russian assets for Ukraine’s rebuilding at their Niigata meeting. They emphasized ongoing assessment and policy coherence across member states as they monitor the situation and coordinate potential financial mechanisms to assist Ukraine. [Source: G7 communique summaries and briefings from the Niigata talks]