The parliament approved a law to secure $50 billion against Russian assets.

The Verkhovna Rada has passed a law amending the Budget Code of Ukraine concerning transactions involving conditional obligations. A total of 271 deputies voted in favor.

Nardep Oleksiy Honcharenko reported this news.

According to him, the main changes include:

• repayment of loans using income from frozen Russian assets;
• establishment of a transparent mechanism for accounting for such obligations;
• provision of economic support without excessive burden on the budget.

Recall that the draft law proposes to make corresponding amendments to the Budget Code of Ukraine regarding the expansion of the terms "debt obligation" and "state debt," as well as to grant the head of the Debt Agency the authority to conduct relevant transactions involving conditional obligations.

“To ensure control over the volume of conditional obligations and to guarantee transparency in debt policy, the Debt Agency is expected to maintain a Register of Conditional Obligations and publish information from this register on the official website of the Debt Agency,” the explanatory note to the draft law states.

Furthermore, the document stipulates that the Debt Agency must inform the Cabinet of Ministers and the Budget Committee of the Verkhovna Rada about the emergence of state debt obligations in cases where circumstances arise according to the terms of such transactions, under which creditors may exercise a limited right to demand the return of loans extended as a result of these transactions.

“The primary goal of adopting this draft law is to enable the attraction of loans to the state budget for financing priority budget expenditures, the servicing and repayment of which will be carried out from future revenues from frozen Russian assets,” the initiators explain.

Background. Earlier, Mind reported that the government is proposing a new tool for attracting loans to the state budget. It is noted that due to the decision by the European Union and G7 countries to introduce a new financial support mechanism for Ukraine, there is a need to align budget legislation with the proposed mechanisms. In particular, regarding the implementation of a conditional obligation tool related to the limited rights of creditors to demand the return of such obligations by the state.