Espreso. Global
Exclusive

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

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.
Tags:
Read also:
  • News
2024, Friday
19 April
21:50
Review
Victorious news of 786th day of war: Ukraine’s Air Force shoots down Russian Tu-22M3, German drone manufacturer opens factory in Ukraine
21:35
Russian army attacks Ukrainian positions in Kherson region 7 times with little success — General Staff
21:15
Kherson Art Museum identifies more than 100 paintings stolen by Russia
20:57
Exclusive
Putin will continue war until it becomes clear who is next in White House — political analyst
20:36
Exclusive
What parameters should F-16 have to effectively fight Russia: aviation expert explains
20:15
Ukrainian navy explains why Russian forces rarely use Kalibr missiles
19:49
Russia will not cease fire even if talks with Ukraine start - Lavrov
19:26
Exclusive
What could have shot down Russian Tu-22M bomber: military expert suggests
19:13
Updated
Poland detains Russian agent planning assassination attempt on Zelenskyy
19:05
Exclusive
"Ukraine has weapons to shoot down Russian aircraft": Air Force comments on Tu-22M3 downing
18:46
Updated
Slovaks raise €2 million for shells for Ukraine as government fails to back Czech initiative
18:45
G7 pledges to strengthen Ukraine's air defense
18:25
G7 defines specific steps to help Ukraine, says FM Kuleba
18:00
Review
General election in India: Relations with Ukraine and why role of Asian player shouldn't be underestimated
17:40
20 Days in Mariupol team brings Oscar to Ukraine
17:19
OPINION
War will end when world understands its causes and consequences - Ukrainian diplomat
16:57
Ukraine returns 17-year-old girl deported to Russia
16:35
Exclusive
Ukrainian resistance in occupied territories helps army
16:13
Exclusive
Russian army redeploys aviation to Bakhmut sector, Ukrainian forces lack air defenses
15:50
Russia attacks Bilopillya in Sumy region, severely injuring three people
15:30
Ukraine's top diplomat discusses strengthening of air defense with Italian counterpart
15:08
Russia cancels Victory Day parade in Crimea on May 9
14:48
Ukraine needs deeply echeloned air defense system - Ukrainian Air Force
14:27
Updated
Russia attacks Ukraine, killing and injuring civilians in Dnipro and region, including children
13:58
OPINION
Everything is to be decided in Europe and by Europe
13:38
"Situation is critical": Poland's PM says coming weeks could decide fate of war in Ukraine
13:18
Both U.S. congressional parties back bill to aid Ukraine — Ukraine’s PM following meetings with US officials
12:58
Review
Ukraine's dependence on US assistance. Technological solutions and frontline update. Serhiy Zgurets's column
12:38
Explosions heard in occupied Mariupol, Russian military base hit - Advisor to Mariupol Mayor
12:17
Ukrainian photojournalist Yulia Kochetova among winners of World Press Photo-2024 Global Stage
11:57
Ukraine downs Tu-22M3 aircraft in Russia used to launch Kh-22/Kh-32 missiles at Ukraine
11:35
Russians raid and mobilize Muslims in Crimea during Eid al-Fitr holiday
11:15
Russia steps up mobilization ahead of possible summer offensive: ISW names problems that Russia may face
10:55
Air defense systems belong in cities under attack, not warehouses - Zelenskyy on massive Russian attack on Dnipro
10:35
Russia loses 870 soldiers, 9 tanks and 21 artillery systems in one day in Ukraine - General Staff
09:55
"We have no plan B": Ukraine's Foreign Minister comments on expectations from US Congress vote
2024, Thursday
18 April
21:59
Review
Victorious news of 785th day of war: Ukraine has drones able to hit targets in Siberia, Germany will supply more air defense systems
21:38
97% of Russian attacks target civilian infrastructure - Ukraine in OSCE
21:18
Ukraine may get seven more Patriot systems from Germany and partners - Scholz
21:00
Ukraine develops drones capable of 3,000 kilometers range, reaching Siberia — The Economist
More news