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G-7, EU consider using USD 250 billion of frozen Russian assets to rebuild Ukraine – media

4 February, 2024 Sunday
22:03

The G7 countries and the EU are discussing a plan to use frozen Russian Central Bank assets worth more than USD 250 billion as collateral to finance Ukraine's recovery

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Bloomberg reported the information, citing its own sources.

According to the proposal, Russia’s frozen assets could be used as collateral to help rebuild the war-torn country. Ukraine's allies believe that any settlement of the war in accordance with international law will make Russia responsible for the damage caused. 

However, according to the sources, if Russia refuses, it will be possible to claim frozen assets.

According to the sources, who spoke on condition of anonymity, the discussion is currently taking place at the technical level, meaning that a political decision has not yet been made. 

The outlet noted that the plan may include the creation of a special company that will issue zero-coupon bonds secured by collateral subject to early redemption. A collateral hierarchy would be created, utilizing Euroclear assets as well as those of banks.

The discussions are focused on Kyiv's long-term needs and are separate from the desire to support the Ukrainian economy in the short term.

The latest on the confiscation of Russian assets

On November 30, the US Senate introduced a bill to confiscate Russian assets. On January 11, the Biden administration supported the confiscation of Russian assets for transfer to Ukraine.

Meanwhile, the European Commission has a plan to raise €15 billion from Russia's frozen assets to provide financial assistance to Ukraine.

At the same time, Russia has estimated that the West could lose assets and investments worth at least $288 billion if it confiscates frozen Russian assets to help rebuild Ukraine, and said Moscow would retaliate.

On January 22, reports indicated that the EU foreign ministers were approaching a solution to the issue of how to use the frozen Russian assets.

On January 23, Belgian Ambassador to the United States Jean-Arthur Régibeau said that Western countries should make a collective decision to confiscate frozen Russian assets, most of which are stored in the Brussels-based Euroclear settlement center.

On January 24, a US Senate committee approved a bill to confiscate Russian assets and transfer them to Ukraine.

On January 30, the Political Affairs Committee of the Parliamentary Assembly of the Council of Europe adopted a draft resolution that provides for the confiscation of frozen Russian assets and their transfer to a new fund for Ukraine's recovery.

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