Bank of England joins effort to safeguard Ukraine’s assets
2 years, 9 months ago

Bank of England joins effort to safeguard Ukraine’s assets

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The conversation forms part of a broader effort by the UK’s central bank, government and other allies’ institutions, to safeguard assets which could otherwise fall into Russian hands amid the ongoing invasion. Central banks around the world have also been seeking to help safeguard Ukraine’s financial infrastructure and key data, The Independent understands. open image in gallery This map shows the extent of Russia’s invasion of Ukraine The physical, currency, or bond assets of a central bank are often partly held in other countries. According to public statements on the National Bank of Ukraine’s website, the central bank has raised 11.8 billion Ukrainian hryvnia in order to aid its war effort, equivalent to around £300m.

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History of this topic

UK to use frozen Russian assets for £2.26 billion loan to support Ukraine war effort
2 months, 2 weeks ago

UK to use frozen Russian assets for £2.26 billion loan to support Ukraine war effort

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

G7 leaders agree to lend Ukraine billions backed by Russia’s frozen assets. Here’s how it will work
6 months, 4 weeks ago

G7 leaders agree to lend Ukraine billions backed by Russia’s frozen assets. Here’s how it will work

Associated Press  

WASHINGTON — Leaders of the Group of Seven wealthy democracies have agreed to engineer a $50 billion loan to help Ukraine in its fight for survival. President Joe Biden told reporters at a news conference Thursday that the move was part of a “historic agreement.” Ukraine’s president, Volodymyr Zelenskyy, said providing a loan through Russia’s assets “is a vital step …

‘New ground is being broken’: EU seizes Russian profits for Ukraine
7 months, 2 weeks ago

‘New ground is being broken’: EU seizes Russian profits for Ukraine

Al Jazeera  

Ukraine wants to use $300bn in Russian central bank money held abroad to defeat it; Europe isn’t enthusiastic. Ukraine wants to use the estimated 210 billion euros of Russian central bank money held in European institutions to defeat Russia on the battlefield. “In this sense, new ground is being broken.” The EU decision is to tap the interest twice a …

The plan to make Russia pay for Ukraine's weapons
10 months, 4 weeks ago

The plan to make Russia pay for Ukraine's weapons

ABC  

In short: There is a growing push among some Western nations, including the US, to use Russian assets they froze at the beginning of the war to fund Ukraine's military. There is a growing push among some Western nations, including the US, to use Russian assets they froze at the beginning of the war to fund Ukraine's military. Last month …

Nearly two years after invasion, West still seeking a way to steer frozen Russian assets to Ukraine
11 months, 3 weeks ago

Nearly two years after invasion, West still seeking a way to steer frozen Russian assets to Ukraine

Associated Press  

WASHINGTON — It’s been nearly two years since the United States and its allies froze hundreds of billions of dollars in Russian foreign holdings in retaliation for Moscow’s invasion of Ukraine. At this week’s World Economic Forum meetings in Davos, Switzerland, Ukrainian President Volodymyr Zelenskyy called for a “strong” decision this year for the frozen assets in Western banks to …

It is time to use Russia’s frozen assets to help Ukraine
11 months, 3 weeks ago

It is time to use Russia’s frozen assets to help Ukraine

Al Jazeera  

An estimated $350bn in Russian government assets have been frozen in Western accounts since Russian President Vladimir Putin ordered a full-scale invasion of Ukraine on February 24, 2022. British Foreign Secretary David Cameron publicly opened the doors to the idea last December by stating: “Instead of just freezing that money, let’s take that money, spend it on rebuilding Ukraine.” Meanwhile, …

Zelenskyy calls for confiscating Russian Central Bank funds
1 year, 8 months ago

Zelenskyy calls for confiscating Russian Central Bank funds

Associated Press  

WASHINGTON — In an appeal to the heads of the IMF and World Bank, Ukraine’s president on Wednesday renewed his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine. He was patched in for a session with Ukrainian Prime Minister Denys Shmyhal, U.S. Treasury Secretary Janet Yellen, World Bank President David …

Ukraine war: Russian foreign minister Lavrov's stepdaughter among latest individuals sanctioned by the UK
2 years, 9 months ago

Ukraine war: Russian foreign minister Lavrov's stepdaughter among latest individuals sanctioned by the UK

Firstpost  

This takes to more than 1,000 the number of Russian and Belarusian individuals and businesses sanctioned by London in recent weeks London, United Kingdom: Britain slapped sanctions Thursday on 59 more Russian individuals and entities, as well as six Belarusian enterprises over Moscow’s invasion of Ukraine, targeting a shadowy mercenary firm and the world’s largest diamond producer. The latest measures, …

Ukraine invasion: Sanctions are not forever
2 years, 9 months ago

Ukraine invasion: Sanctions are not forever

New Indian Express  

A part of the sanctions concerns restrictions on banks. The Office of Foreign Asset Control list has stopped Russia’s central banks, the country’s finance ministry and the national wealth fund from accessing the dollar. Dollar became a “safe haven” because of its safety, liquidity and value. Jim O’Neill, formerly of Goldman Sachs, wonders “whether this episode set the stage for …

Russia accuses West of seeking ‘artificial default’ over Ukraine
2 years, 9 months ago

Russia accuses West of seeking ‘artificial default’ over Ukraine

Al Jazeera  

Russia is ready to pay its debts ‘in roubles’ as a large part of its foreign currency reserves are frozen over Ukraine attack. Russia’s finance ministry has accused foreign countries of wanting to force Russia into an “artificial default” through unprecedented sanctions over its war in Ukraine and said it would meet its debt obligations. “The freezing of foreign currency …

Russia-Ukraine latest updates: Thousands evacuated from Sumy
2 years, 9 months ago

Russia-Ukraine latest updates: Thousands evacuated from Sumy

Al Jazeera  

Russian anti-war TV protester Marina Ovsyannikova was fined and released following a court hearing. 15 Mar 2022 - 09:56 GMT Kremlin: Anti-war protest on state TV was ‘hooliganism’ The Kremlin has said that the actions of a woman who interrupted a live news bulletin on Russia’s state TV Channel One to denounce the war in Ukraine amounted to “hooliganism”. 15 …

‘Think carefully’ about Russian investments, Sunak warns businesses
2 years, 9 months ago

‘Think carefully’ about Russian investments, Sunak warns businesses

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy British firms should “think very carefully” about making any investments …

UK sanctions Russian lawmakers who supported Ukraine breakaways
2 years, 10 months ago

UK sanctions Russian lawmakers who supported Ukraine breakaways

Al Jazeera  

The blacklisted Duma members will be banned from travelling to or doing business in the UK and accessing assets held there. Friday’s announcement is the latest in a series of punitive measures taken by the UK and other international allies to increase diplomatic pressure on Russian President Vladimir Putin. “We’re targeting those complicit in Putin’s illegal invasion of Ukraine and …

Russia owes Western banks $120 billion. They won’t get it back
2 years, 10 months ago

Russia owes Western banks $120 billion. They won’t get it back

CNN  

London CNN Business — Goldman Sachs and JPMorgan Chase are the first major Western banks to get out of Russia following the invasion of Ukraine. Goldman Sachs said Thursday that it is “winding down its business in Russia in compliance with regulatory and licensing requirements.” JPMorgan Chase, America’s largest bank, followed within hours, saying it was “actively unwinding” its Russian …

Britain freezes more Russian bank assets than any other country in the world
2 years, 10 months ago

Britain freezes more Russian bank assets than any other country in the world

The Telegraph  

Britain has frozen more Russian bank assets than any other country as part of the international wave of sanctions against Vladimir Putin’s invasion of Ukraine, ministers have said. The Foreign Office revealed the UK had frozen a total of £258.8 billion of bank assets, compared to £240 billion by the US and £33.8 billion by the EU. The figures came …

Russia-Ukraine war: What is concerning RBI, SBI, other banks in India?
2 years, 10 months ago

Russia-Ukraine war: What is concerning RBI, SBI, other banks in India?

India Today  

The ongoing war between Russia and Ukraine has ripple effects on crucial aspects of the global economy - stock markets around the world and international oil prices. PAYMENT ISSUE Banks in India were scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed by the west on …

How Russia’s invasion of Ukraine changed the global economy in a week
2 years, 10 months ago

How Russia’s invasion of Ukraine changed the global economy in a week

CNN  

London CNN Business — A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Now, a barrage of sanctions have made Russia’s biggest banks radioactive, traders are shunning barrels of Urals crude oil, and Western companies are fleeing the country …

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow
2 years, 10 months ago

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow

Firstpost  

Under the plans, British people and businesses will be banned from making transactions with the Russian central bank, its finance ministry and its wealth fund London: The UK’s Chancellor of the Exchequer, Rishi Sunak, alongside the Bank of England on Monday announced the UK government’s plans to impose further economic sanctions in response to the invasion of Ukraine by Russia …

Russia-Ukraine: US, UK, EU, Canada sanction Russia’s central bank
2 years, 10 months ago

Russia-Ukraine: US, UK, EU, Canada sanction Russia’s central bank

Al Jazeera  

Measures aim to ‘disrupt Russia’s attempts to prop up its rapidly depreciating currency’, US Treasury says. “The unprecedented action we are taking today will significantly limit Russia’s ability to use assets to finance its destabilizing activities, and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine,” Secretary of the Treasury Janet Yellen said …

EXPLAINER: A look at West’s toughest sanctions yet on Russia
2 years, 10 months ago

EXPLAINER: A look at West’s toughest sanctions yet on Russia

Associated Press  

WASHINGTON — The United States joined European allies Saturday in dramatically escalating financial penalties against Russia over its invasion of Ukraine, after the West’s initial rounds of sanctions failed to deter Russian President Vladimir Putin in his military offensive. Two of the key new measures target the heart of Russia’s financial system, its Central Bank, and cut an unspecified number …

Russia-Ukraine war: US, EU, UK to sanction Russian central bank, block SWIFT
2 years, 10 months ago

Russia-Ukraine war: US, EU, UK to sanction Russian central bank, block SWIFT

India TV News  

Highlights The measures were announced jointly on Saturday as part of a new round of financial sanctions The central bank restrictions target the more than USD 600 billion in reserves Restrictions were meant to limit Russia's ability to support ruble amid tightening Western sanctions The United States, European Union and the United Kingdom agreed to put in place crippling sanctions …

U.S. And Allies Begin Cutting Russia Out Of International Financial System SWIFT
2 years, 10 months ago

U.S. And Allies Begin Cutting Russia Out Of International Financial System SWIFT

Huff Post  

The United States and key allies will cut Russian banks out of the global financial messaging system SWIFT and begin to target Russia’s central bank, according to a White House statement on Saturday. The statement said the U.S., top European economies, Britain, and Canada would disconnect selected Russian banks from SWIFT, which will severely hurt their ability to operate internationally, …

U.S. and European allies bar Russian banks from crucial SWIFT banking network
2 years, 10 months ago

U.S. and European allies bar Russian banks from crucial SWIFT banking network

LA Times  

German Chancellor Olaf Scholz waits in Berlin for the arrival of Polish Prime Minister Mateusz Morawiecki and Lithuanian President Gitanas Nauseda for talks about the Russian invasion of Ukraine. The U.S. and its European allies agreed Saturday to bar some Russian banks from the SWIFT international network and to sanction the country’s central bank, ratcheting up the West’s response to …

Explained: Sanctions against Russia over Ukraine crisis - will they work?
2 years, 10 months ago

Explained: Sanctions against Russia over Ukraine crisis - will they work?

The Hindu  

The U.S., the E.U., Japan and the U.K. have unveiled a range of economic and financial sanctions against Russia. The sanctions target different areas, hitting specific financial institutions, Russia's capacity to raise sovereign debt on international markets as well as several individuals. U.S. investors have been banned from buying new dollar-denominated Russia debt since the Crimean annexation in 2014, while …

Ukraine: EU sanctions Russia defence minister, military chief
2 years, 10 months ago

Ukraine: EU sanctions Russia defence minister, military chief

Al Jazeera  

Details of sanctions designed to ‘hurt a lot’ also target military chiefs, Kremlin chief of staff and top editor at state-run RT. The European Union has imposed sanctions on Russia’s defence minister Sergei Shoigu, the country’s military chiefs, and other people close to the Kremlin in response to the escalating crisis in Ukraine. Flagging the plan alongside French Foreign Minister …

UK unveils ‘most severe’ sanctions against Russia
2 years, 10 months ago

UK unveils ‘most severe’ sanctions against Russia

Al Jazeera  

Prime Minister Boris Johnson said the measures target banks and members of President Vladimir Putin’s closest circle. British Prime Minister Boris Johnson unveiled a package of “severe” sanctions against Russia on Thursday, targeting banks, members of President Vladimir Putin’s closest circle and the extremely wealthy who enjoy high-rolling London lifestyles. “For our part today the UK is announcing the largest …

Ban Russia from Swift banking system or you'll have blood on your hands, Kyiv warns the West
2 years, 10 months ago

Ban Russia from Swift banking system or you'll have blood on your hands, Kyiv warns the West

The Telegraph  

Germany was resisting locking Russia out of the Swift international payments system on Thursday night, as Britain announced its largest-ever package of economic sanctions against Moscow. Kyiv said that its Western allies would have the blood of innocent Ukrainians on their hands if Europe failed to restrict Russia’s access to the world’s main payment clearing system. Ban Russia from Swift.” …

More sanctions 'in the locker': UK warns Russia against Ukraine invasion
2 years, 10 months ago

More sanctions 'in the locker': UK warns Russia against Ukraine invasion

India Today  

The UK government on Wednesday warned that it stands ready to escalate sanctions on Russia in the event of an invasion of Ukraine and can “keep turning up the heat” by targeting more banks, wealthy individuals and key companies if Vladimir Putin does not pull back troops from eastern Ukraine. Foreign Secretary Liz Truss said the sanctions announced in Parliament …

Western sanctions on banks only scratch surface of Fortress Russia | Explained
2 years, 10 months ago

Western sanctions on banks only scratch surface of Fortress Russia | Explained

India Today  

The United States, the European Union and Britain announced new sanctions on Russia on Tuesday after Moscow's recognition of two separatist regions in Ukraine as independent entities. Indeed, U.S. banks are not expecting global sanctions to have a major impact on American bank businesses or spark contagion risk, given lenders have little exposure to the Russian economy, said three executives …

Ukraine crisis: What sanctions have been imposed on Russia?
2 years, 10 months ago

Ukraine crisis: What sanctions have been imposed on Russia?

Al Jazeera  

Western countries, Australia and Japan announced sanctions on Russian banks, oligarchs and other wealthy individuals. The measures, accompanied by the repositioning of additional US troops to the Baltic nations on NATO’s eastern flank bordering Russia, came as Russian forces rolled into rebel-held breakaway areas in eastern Ukraine after President Vladimir Putin said he was recognising the independence of the Donetsk …

Ukraine crisis: US targets Russian banks with new Western sanctions
2 years, 10 months ago

Ukraine crisis: US targets Russian banks with new Western sanctions

Live Mint  

US President Joe Biden announced on Tuesday new sanctions in retaliation for Russia recognising two breakaway regions of Ukraine and sending troops there, adding to Western efforts to stop what they fear is the beginning of a full-scale invasion. "I'm going to begin to impose sanctions in response, far beyond the steps we and our allies and partners implemented in …

Putin may be 'irrational' on Ukraine, says British PM Boris Johnson
2 years, 10 months ago

Putin may be 'irrational' on Ukraine, says British PM Boris Johnson

India Today  

British Prime Minister Boris Johnson said on Sunday that Kremlin chief Vladimir Putin might not be thinking logically, so the threat of sanctions may not be enough to deter a Russian invasion of Ukraine. The United States and Britain would seek to cut off Russian companies’ access to US dollars and British pounds if the Kremlin orders an invasion of …

Why does so much dodgy Russian money end up in Britain?
2 years, 11 months ago

Why does so much dodgy Russian money end up in Britain?

The Economist  

T HE UKRAINE crisis has brought the threat of wide-ranging Western sanctions against Russia’s President Vladimir Putin, his cronies and companies linked to them. It has also, in Britain, brought renewed vows to crack down on dodgy Russian money sloshing through its economy. The number flocking to the city climbed after the global financial crisis, as Britain courted foreign capital, …

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