A convention setting up an International Claims Commission for Ukraine was adopted here on Tuesday.

Thirty-five countries, along with the European Union, signed the convention to formally launch the commission to address compensation for damage caused to Ukraine in its ongoing conflict with Russia.

"This convention is open to every state, all around the world, on an equal footing," Alain Berset, Secretary General of the Council of Europe, said at the conference.

The convention will enter into force once it has been ratified by 25 signatories, provided sufficient funds have been secured to support its initial work, the Council of Europe said.

Russia's Foreign Ministry spokesperson Maria Zakharova warned on Saturday that it will take swift retaliatory measures against the EU's illegal freezing of Russian assets. She said earlier that the decision to establish such a commission would lead to an escalation of anti-Russian "legal aggression."

The Council of Europe, distinct from the EU, is an organization dedicated to upholding human rights, democracy and the rule of law in Europe.