Ukraine is proposing to partner countries to sign an international treaty allowing the use of Russia's foreign exchange reserves to pay compensation to victims of its invasion, Prime Minister Denys Shmyhal said, Interfax-Ukraine reports.

"Ukraine proposes to conclude an international treaty allowing the use of Russia's gold and foreign exchange reserves to pay compensation to victims of its invasion. Our partner countries will be able to sign and launch the procedure for confiscation of Russian assets," Shmyhal said at a government meeting on Tuesday.

According to the prime minister, Ukraine also proposes to create a fund to which about $300 billion of Russian funds will be directed and from which compensation will be paid and our country will be restored after the victory.

Bloomberg estimates that the amount of reparations could be up to $350 billion, which was published on 16 March.

"We will leave Russia the opportunity to pay reparations in favour of Ukraine, but this is hardly possible. Therefore, we will go through the confiscation of their assets and property. The same applies to the confiscation of all Russian assets in Ukraine. Everything will be done in a procedurally correct way so that no questions will arise in any international arbitration later," Shmyhal said.

We would like to remind you that 1637 legal entities are currently under sanctions in Ukraine.

The Prime Minister also added that another step towards punishing the aggressor is the confiscation of all Russian assets abroad frozen after 24 February.

A total of 2,355 legal entities have been subject to international sanctions.

Shmyhal stressed that the government is engaging the best Ukrainian and international lawyers in this work.

The Institute of Legislative Ideas also keeps its finger on the legislative pulse of sanctions.

We are looking for ways to unify legislation to consolidate the blocking of Russian assets and transfer them to the ownership of Ukraine.