russianfrozenassets
If Ukraine is going to defeat Russia and rebuild itself after the war, it will need huge sums of money, probably exceeding what Western electorates and politicians are willing or able to provide. The good news is that there is a massive pot of non-Western money already available: the $300 billion of frozen Russian sovereign assets held in Western jurisdictions. The bad news, however, is that Western countries have been unable to agree on a shared plan of action to use these assets. Frozen Russian reserves could tip the scales of the war in Ukraine’s favor and greatly reduce the financial burde...
Kyiv Independent (CA)
The G7 has reached an agreement to provide Ukraine with $50 billion by the end of the year using profits from frozen Russian assets, the French presidency said on June 12 in comments reported by AFP. "We have an agreement," a presidency official said, ahead of a G7 summit in Italy, which starts on June 13. On June 11, it was reported the G7 will create a fund to support Ukraine using the income generated from frozen Russian assets, Nikkei Asia reported. The fund will reportedly be created under an international organization such as the World Bank, with contributions in the form of “Extraordina...
Kyiv Independent (CA)
The Group of Seven (G7) will create a fund to support Ukraine using the income generated from frozen Russian assets, Nikkei Asia reported on June 11. The fund will reportedly be created under an international organization such as the World Bank, with contributions in the form of “Extraordinary Revenue Acceleration” (ERA) loans. G7 leaders plan to announce the initiative in a joint summit in Italy, which starts on June 13. The U.S. has indicated it will provide $50 billion, while the U.K., Canada, and Japan are also considering contributions, Nikkei Asia reported. Japan may channel its support ...
Kyiv Independent (CA)
G7 leaders have still not reached a consensus on a deal to use profits from Russian assets to help Ukraine, AFP reported on June 7. Ukraine's Western partners and other allies froze around $300 billion in Russian assets at the start of the full-scale invasion in 2022. Roughly two-thirds are held in the Belgium-based financial services company Euroclear. While the U.S. proposed seizing Russian assets outright in accordance with their recently passed REPO act, the EU has been more hesitant, fearing legal and fiscal pitfalls of confiscation. Instead, Brussels seeks to use windfall profits generat...
Kyiv Independent (CA)
Hungary is holding up legislation that would allow the European Union to send billions of dollars in profits from frozen Russian assets for Ukrainian aid, the Financial Times reported. In March, the European Commission submitted a proposal on using 90% of the generated funds from the frozen assets to purchase weapons for Ukraine and allocate the remaining 10% to the EU budget to support the country's defense industry. After many weeks of debates, EU ambassadors reached a political agreement on the proposal on May 8. But Hungary's envoy is preventing legislation that would allow payments to be ...
Kyiv Independent (CA)
The G7 finance ministers on May 25 announced "progress" but no concrete deal on how to use future income from frozen Russian assets to help Ukraine, according to a draft statement seen by Reuters and AFP. "We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement to Ukraine per year. Ukraine's Justice Minister Denys Maliuska said that while it is a "good step," the figure is "almost nothing" in the context of the full-scale war. It is unclear what t...
Kyiv Independent (CA)
The finance ministers of the Group of Seven countries (G7) will support an EU plan to use the revenue from frozen Russian assets to fund Ukraine, Reuters reported on May 16, citing an unnamed Italian treasury official. The ministers are set to meet on May 24, where they will work out the details to come to a final decision before a summit in Italy in June. Ukraine's Western partners and other allies froze around $300 billion in Russian assets at the start of the full-scale invasion in 2022. Roughly two-thirds are held in the Belgium-based financial services company Euroclear. While the U.S. pr...
Kyiv Independent (CA)
The United States is leading talks among the Group of Seven (G7) nations to develop a military aid package to Ukraine worth up to $50 billion, Bloomberg reported on May 3. The potential package would reportedly be funded by the profits generated by accrued interest on frozen Russian assets. Western countries and Kyiv's other partners have immobilized around $300 billion of Russian assets in response to the full-scale invasion of Ukraine, with around $5 billion held in the U.S. The frozen Russian assets, which are predominantly held within the European Union, will generate approximately 5 billi...
Kyiv Independent (CA)
Group of Seven (G7) allies who are wary of confiscating frozen Russian assets outright may support a U.S. proposal to use interest earnings from the funds to aid Ukraine instead, U.S. Treasury Secretary Janet Yellen told Reuters in an April 25 interview. Ukraine's Western partners and other allies froze around $300 billion in Russian assets at the start of the full-scale invasion in 2022. G7 finance ministers are currently discussing ways to convert the Russian funds into financial assistance for Ukraine. Yellen told Reuters that the frozen funds can be used to aid Kyiv without having to be co...
Kyiv Independent (CA)
The U.S. on April 20 became the first nation to adopt legislation green-lighting confiscating frozen Russian assets for Ukraine. President Joe Biden signed the REPO Act alongside a $95 billion foreign aid bill that included $61 billion for Kyiv on April 24, setting the legal basis for liquidating immobilized Russian assets held in the U.S. Since the West froze around $300 billion belonging to the Russian Central Bank (CBR) at the start of the full-scale invasion, discussions among the G7 countries about what to do with the assets have been divisive. Some have argued that the liquidated assets ...
Kyiv Independent (CA)
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