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Ukraine's needs are greater than likely $4bln in proceeds from Russia's frozen assets - banker

13 March, 2024 Wednesday
20:06

In the context of the frozen assets, Andriy Dubas, President of the Association of Ukrainian Banks, expressed optimism that the proceeds from Euroclear could amount to about $3-4 billion, which would be used for Ukraine's needs

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He said this on Espreso TV.

"I think that in the short term we will receive interest on the income generated by Euroclear from the frozen assets, which is somewhere around three or four billion dollars. That is what I think we will get in the near future, but Ukraine's financial support needs are much greater than $4 billion, and if you look at the situation in the context of what is happening in the United States, I am pleased that the European Union has begun to actively consider an alternative option so that Ukraine can continue to confront the enemy, the Russian Federation, but as a result of these arrested, blocked funds," Dubas explained.

According to him, discussions are underway on the option of using these Russian funds as collateral, issuing securities against them, and using the money for Ukraine's needs. At the same time, Russia may eventually receive its funds, but after compensating for all the damage caused to our country.

"I'll share a recent figure: the World Bank has recorded that Ukraine has already suffered $483 billion in losses, and this is not the final amount, as the war is ongoing and there are areas where it is simply impossible to calculate the losses. Therefore, the funds released as a guarantee for the frozen little more than $300 billion are now being used for the needs of Ukraine, for restoration, reconstruction, and defense. And when Russia compensates for the losses, let it take them - the losses are now greater than this amount, so I think this is a normal story," summarized the President of the Association of Ukrainian Banks.

  • Europe holds €191 billion of Russia's €260 billion of frozen foreign assets, which generated €4.4 billion in profit in 2023, and they want to transfer them to Ukraine.
  • The G7 and the EU are discussing a plan to use the frozen assets of the Russian central bank worth more than $250 billion as collateral to finance Ukraine's recovery.
  • On February 12, the EU Council decided to regulate the future mechanism for using profits from frozen Russian assets in the EU in favor of Ukraine.
  • British Prime Minister Rishi Sunak said that Western countries should be bolder in confiscating Russian assets that they froze after Russia's full-scale invasion of Ukraine.
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