MOSCOW, Sept. 19 (UPI) -- A top Russian official said Wednesday the World Bank Stolen Asset Recovery initiative, may soon allow Russia access to $200 billion in stolen assets.
Ilya Rogachev, Russia's deputy permanent representative to the United Nations, said the initiative could help his country recover money stolen by corrupt officials from developing countries, RIA Novosti reported.
"There is no official data as to the amount of ill-gotten gains that have been taken out of Russia. But according to expert estimates for 2002, the figure is around $200 billion. Therefore, the new initiative is highly relevant for us," Rogachev said.
Regochev added the initiative, which is based on the U.N. Convention against Corruption, helps developed nations use their political clout to deal with countries where stolen funds are being held.
The Russian official warned that even if Russia is able to regain the funds, it likely wouldn't be readily available for spending.
"Even if all stolen assets were returned to us, there is no provision in the budget that would permit us to use that money," he told the press agency.
