At the Council of Europe Summit to be held in Reykjavik in May, participants will discuss the implementation of the compensation mechanism for the Russian Federation for the war in Ukraine, Icelandic Prime Minister Katrin Jakobsdottir said.

"A meeting of the Council of Europe Summit will be held in Reykjavik in May. We will talk about the register of losses inflicted by Russia during the war. We will talk about the introduction of a practical compensation mechanism so that Russia can be held accountable for the illegal invasion," she said at a press conference following the Summit of the Nordic Countries and Ukraine in Helsinki.

Also, according to her, within the framework of the Summit in Reykjavik, the process of implementing the Peace Formula of the Ukrainian president will be discussed in detail.

"We hope an in-depth discussion of this process will be initiated," said Jakobsdottir.

In addition, the Prime Minister of Iceland stressed that the Nordic countries can and should show more support for Ukraine right now.

"Together with the Nordic countries, we can and should show more support for Ukraine. We are doing this not only through our financial institutions, but also within the framework of a joint statement dedicated to the economic revival of Ukraine. We are confident that we will be able to ensure such restoration through joint projects," the Prime Minister concluded.