West Nears Plan to Tap $300bn in Frozen Russian Assets
Washington and its G7 allies are close to agreeing on a plan to provide Ukraine with a multibillion-dollar loan linked to profits from frozen Russian assets, according to US Treasury Secretary Janet Yellen. The G7 has discussed giving Ukraine a loan repaid with profits from these assets, totaling around three billion to five billion dollars annually. Since the start of the Ukraine conflict, about three hundred billion dollars in Russian sovereign funds have been frozen, but resistance from some G7 members has shifted the focus to using interest profits instead of full confiscation of the assets.
Washington and its G7 allies are close to agreeing on a plan to provide Ukraine with a multibillion-dollar loan linked to profits from frozen Russian assets, according to US Treasury Secretary Janet Yellen.
The G7 alliance, consisting of the US, UK, Canada, France, Italy, Germany, and Japan, aims to urgently unlock funding for Kiev.
They have discussed giving Ukraine a loan, which could be repaid with the profits from these assets, totaling around $3-$5 billion annually.
The proposal will likely be presented at the G7 meeting in Italy in mid-June.
Since the start of the conflict in Ukraine, about $300 billion in Russian sovereign funds have been frozen.
Euroclear holds roughly €191 billion ($207 billion) of this amount, accumulating nearly €4.4 billion ($4.7 billion) in interest over the past year.
Although the US initially pushed for full confiscation of the assets, resistance from France, Germany, and the European Central Bank has led to the current focus on using interest profits.
Russia has labeled the potential confiscation actions as theft, promising reciprocal responses for any such measures.
The G7 alliance, consisting of the US, UK, Canada, France, Italy, Germany, and Japan, aims to urgently unlock funding for Kiev.
They have discussed giving Ukraine a loan, which could be repaid with the profits from these assets, totaling around $3-$5 billion annually.
The proposal will likely be presented at the G7 meeting in Italy in mid-June.
Since the start of the conflict in Ukraine, about $300 billion in Russian sovereign funds have been frozen.
Euroclear holds roughly €191 billion ($207 billion) of this amount, accumulating nearly €4.4 billion ($4.7 billion) in interest over the past year.
Although the US initially pushed for full confiscation of the assets, resistance from France, Germany, and the European Central Bank has led to the current focus on using interest profits.
Russia has labeled the potential confiscation actions as theft, promising reciprocal responses for any such measures.
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