Frozen Russian assets updated
“When they paint you as Attila the Hun, you might reassure people simply by being Giorgia Meloni.”
G7 summit opened Thursday with agreement reached on a U.S. proposal to back a $50 billion loan to Ukraine using frozen Russian assets as collateral
Italian Premier Giorgia Meloni welcomed the G-7 heads of state to the summit at a luxury resort in southern Italy, saying she wanted the message of this meeting to be one of dialogue with the global south and unity.
MarketWatch 13 June 2024
A New Way to Make Russia’s Assets Pay for Ukraine’s Defense and Rebuilding
At the start of the war, we immobilized approximately $280 billion of Russia’s sovereign assets held in our financial institutions so that they cannot be used to fuel Putin’s war of choice.
We agreed that these assets would remain immobilized until Russia pays for the damage it has caused.
A majority of these assets now sit at a financial institution in Belgium.
Janet L. Yellen New York Times 13 June 2024
Group of Seven leaders are set to reach a political agreement to provide Ukraine with $50 billion of aid using the profits generated by frozen Russian sovereign assets, according to an Elysee official.
However, the technical details of a deal will need to be finalized after a G-7 leaders’ summit taking place in Italy this week — meaning that it could be a while for a final agreement to be concluded, said the French official, who spoke on condition of anonymity.
Bloomberg 12 June 2024
Mrs von der Leyen noted that the EU is moving ahead with a plan to use frozen Russian assets, which amount to some $300bn, to help Ukraine.
The plan uses a complicated financial mechanism to transfer profits from the frozen assets to the Ukrainian government; €1.5bn is to be handed over in July.
Pro-Ukrainian groups have lobbied for America and the EU to confiscate the assets entirely, but that has so far not happened because of worries that it could violate international law.
The Economist 11 June 2024
US and its allies froze an estimated $280 billion of Russian sovereign asset
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