EU to consider leveraging windfall profits from Russian assets after G7 summit
9 months, 3 weeks ago

EU to consider leveraging windfall profits from Russian assets after G7 summit

Hindustan Times  

By Jan Strupczewski EU to consider leveraging windfall profits from Russian assets after G7 summit BRUSSELS - European Union finance ministers will consider a G7 plan for leveraging windfall profits generated by Russian assets, immobilised in the West after Russia's invasion of Ukraine, after a G7 summit later in June, the ministers' chairman said. After Moscow's invasion of Ukraine in February 2022, western countries immobilised some $300 billion of Russian central bank assets, which are generating annual profits of 2.5-3.5 billion euros a year. Under the G7 plan, which the EU will consider after a G7 meeting in Italy on June 13-15, profits from the frozen assets would service the interest and could pay back the capital of a loan issued to Ukraine by either the United States, or the U.S. and other G7 countries, or by the EU from its budget. To issue such a loan - either bilaterally from one or all of the G7 governments or the EU to Ukraine, or by raising the money on the market and using an intermediary for the payouts like the World Bank - the EU would have to issue assurances to the loan issuer that the profits from the assets would be made available to service it, a discussion paper for the EU ministers said.

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History of this topic

Should Ukraine Get $200 Bn of Seized Russian Assets? Yes, Says the Mahabharata
6 days, 11 hours ago

Should Ukraine Get $200 Bn of Seized Russian Assets? Yes, Says the Mahabharata

The Quint  

Europe is trapped in a moral hazard. Hey, wait, Europe’s holding over $200 billion of seized Russian assets — the bulk of them in Belgium. It was against international law and could undermine the confidence of other investors – for example, China, the Gulf States, India, and Brazil – in holding Sterling/Euro assets. Besides, they feared Russian retaliation, as Putin …

'An act of war': Belgian PM Wever issues stark warning on seizing frozen Russian assets
1 week, 1 day ago

'An act of war': Belgian PM Wever issues stark warning on seizing frozen Russian assets

Firstpost  

Belgian Prime Minister warned that the move to seize frozen Russian assets would carry “systemic risks to the entire financial world system” and spark retaliation from Moscow, according to a report Belgian Prime Minister Bart De Wever said late on Thursday that Europe confiscating almost €200 billion of frozen Russian assets would be “an act of war”. According to a …

The $300 billion question: What to do with Russia’s frozen central bank money?
Trending News
1 week, 4 days ago

The $300 billion question: What to do with Russia’s frozen central bank money?

Associated Press  

FRANKFURT, Germany — With U.S. support for Ukraine in doubt, Kyiv’s European allies are weighing whether to seize $300 billion in frozen Russian assets and use the money to compensate Ukraine, support its military and help rebuild shattered homes and towns. If Russian assets were seized without legal grounds, “it could pose a risk to European financial stability,” he said. …

The $300 billion Puzzle: What to do with Russia's frozen central bank money?
1 week, 4 days ago

The $300 billion Puzzle: What to do with Russia's frozen central bank money?

India Today  

With U.S. support for Ukraine in doubt, Kyiv’s European allies are weighing whether to seize $300 billion in frozen Russian assets and use the money to compensate Ukraine, support its military and help rebuild shattered homes and towns. If Russian assets were seized without legal grounds, “it could pose a risk to European financial stability,” he said. Those windfall profits …

Takeaways from the EU’s landmark security summit after Trump said Europe must fend for itself
3 weeks, 1 day ago

Takeaways from the EU’s landmark security summit after Trump said Europe must fend for itself

Associated Press  

BRUSSELS — European Union leaders are trumpeting their endorsement of a plan to free up hundreds of billions of euros to inject into their defense budgets after the Trump administration warned that the continent must look after its own security, including Ukraine, in future. After more than 12 hours of talks on Thursday, the 27 leaders signed off on a …

Why Ukraine’s allies are divided over using $300 billion in Russian assets
3 weeks, 1 day ago

Why Ukraine’s allies are divided over using $300 billion in Russian assets

Live Mint  

The question of what to do with the $300 billion in frozen funds has divided European countries ever since. However, there are around 190 billion euros, equivalent to $205 billion, in Belgium’s Euroclear, one of the European Union’s biggest clearinghouses, where Russia parked the money ahead of the war. In May 2023, the Group of Seven countries said the frozen …

EU gives Ukraine first tranche of loan backed by Russian assets
2 months, 2 weeks ago

EU gives Ukraine first tranche of loan backed by Russian assets

The Hindu  

The European Union on Friday paid out to Ukraine the first three billion euros of a loan backed by the interest earned on frozen Russian assets. The funds are part of the EU's portion of a $50 billion loan by G7 powers to help Kyiv prop up its economy and war effort almost three years into Russia's all-out invasion. pic.twitter.com/W9l7K1kfiV …

G-7 allies are moving ahead with a $50-billion loan for Ukraine backed by frozen Russian funds
5 months ago

G-7 allies are moving ahead with a $50-billion loan for Ukraine backed by frozen Russian funds

LA Times  

U.S. Secretary of Defense Lloyd J. Austin III, right, is greeted by Ukraine’s President Volodymyr Zelensky during their meeting in Kyiv, Ukraine, on Monday. Ukraine will receive $50 billion in loans, backed by frozen Russian assets, from Group of 7 allies, the White House said Wednesday. “Never before has a multilateral coalition frozen the assets of an aggressor country and …

European Union transfers $1.6 billion raised from frozen Russian assets to Ukraine
8 months ago

European Union transfers $1.6 billion raised from frozen Russian assets to Ukraine

India Today  

The European Union announced Friday it had made 1.5 billion euros available to support Ukraine, the first tranche of money generated from profits on frozen Russian assets. In May, the EU’s 27 member states reached an agreement to use the interest earned on some 210 billion euros in Russian central bank assets for military support for Ukraine and rebuilding efforts …

EU sends first $1.6 billion from frozen Russia assets to Ukraine
8 months ago

EU sends first $1.6 billion from frozen Russia assets to Ukraine

Associated Press  

THE HAGUE, Netherlands — The European Union announced Friday it had made 1.5 billion euros available to support Ukraine, the first tranche of money generated from profits on frozen Russian assets. In May, the EU’s 27 member states reached an agreement to use the interest earned on some 210 billion euros in Russian central bank assets for military support for …

Putin calls G7 deal on frozen Russian assets for Ukraine loan ‘theft’
9 months, 2 weeks ago

Putin calls G7 deal on frozen Russian assets for Ukraine loan ‘theft’

Al Jazeera  

Western countries have agreed to use interest on frozen Russian assets to give Ukraine a $50bn loan. Russia’s President Vladimir Putin denounced an agreement by Western countries to provide Ukraine with a loan package using frozen Russian assets and pledged retaliation. Following the announcement at the G7 annual summit in Italy, US President Joe Biden said the frozen assets agreement …

G7 to use Russian assets for $50bn Ukraine loan: How will it work?
9 months, 2 weeks ago

G7 to use Russian assets for $50bn Ukraine loan: How will it work?

Al Jazeera  

The funds could help Ukraine defend itself against Russia. The G7 group of countries announced a plan on Thursday to use frozen Russian assets to finance a $50bn loan for Ukraine as Kyiv continues its desperate campaign to stop its bigger neighbour’s forces from advancing further, 28 months into Moscow’s war. Many Western nations froze assets of the Russian Central …

G7 leaders agree on $50B Ukraine loan using frozen Russian assets
9 months, 2 weeks ago

G7 leaders agree on $50B Ukraine loan using frozen Russian assets

Daily Mail  

Ukrainian President Volodymyr Zelensky was welcomed with open arms by Italian Prime Minister Giorgia Meloni at the G7 summit in Puglia today as world leaders agreed a new $50-billion loan for Ukraine using profits from frozen Russian assets. As talks began, leaders announced their support for a huge new loan secured against future interest from some 300 billion euros of …

G7 summit opens with deal to use Russian assets for Ukraine as EU's traditional powers recalibrate
9 months, 2 weeks ago

G7 summit opens with deal to use Russian assets for Ukraine as EU's traditional powers recalibrate

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
9 months, 2 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 …

G7 nations to use frozen Russian assets to provide $50 billion aid to Ukraine
9 months, 2 weeks ago

G7 nations to use frozen Russian assets to provide $50 billion aid to Ukraine

Hindustan Times  

Group of Seven leaders have agreed to provide Ukraine with $50 billion via the use of frozen Russian assets by the end of the year, the French presidency said on Wednesday. On Wednesday, a French presidency official said that leaders had agreed to provide Ukraine with the $50 billion before the end of the year. G7 leaders had aimed to …

G7 leaders agree to $50bn loan for Ukraine at annual summit
9 months, 2 weeks ago

G7 leaders agree to $50bn loan for Ukraine at annual summit

Al Jazeera  

G7 leaders hail ‘unity’ after reaching deal to fund Ukraine via profits on frozen Russian assets during summit in Italy. The deal on Ukraine’s loan agreed upon at the three-day summit, where leaders of the Group of Seven major democracies are convening, marks “a very historic step and a historic decision,” German Chancellor Olaf Scholz said on Thursday. “With the …

G7 agrees to loan Ukraine $50 billion from the interest on frozen Russian assets
9 months, 2 weeks ago

G7 agrees to loan Ukraine $50 billion from the interest on frozen Russian assets

NPR  

G7 agrees to loan Ukraine $50 billion from the interest on frozen Russian assets toggle caption Ludovic Marin/AFP/Getty Images Western leaders have agreed to loan Ukraine up to $50 billion to fight Russia and rebuild after the lengthy war, money that will be repaid over time from the interest accumulating on frozen Russian financial assets, a senior U.S. official told …

US and Ukraine’s EU allies rush to agree deal on Russian assets ahead of G7
9 months, 2 weeks ago

US and Ukraine’s EU allies rush to agree deal on Russian assets ahead of G7

Al Jazeera  

Rome, Italy – US officials are trying to get European allies on board for a deal to present at the G7 leaders summit later this week on how to use the interest from Russian frozen assets to support war-torn Ukraine. We believe it’s a priority for the entire G7,” US President Joe Biden’s national security adviser, Jake Sullivan, said last …

G-7 ministers cite 'progress' but no done deal on Russian assets for Ukraine
10 months ago

G-7 ministers cite 'progress' but no done deal on Russian assets for Ukraine

The Hindu  

G-7 Finance Ministers cited "progress" on Saturday in finding ways to use profits from frozen Russian assets to help Ukraine, envisioning a concrete proposal to present to a leaders' summit next month. G-7 Finance Ministers reiterated in the draft that Russian assets frozen by the Group of Seven nations "will remain immobilised until Russia pays for the damage it has …

G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
10 months ago

G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets

Associated Press  

FRANKFURT, Germany — Finance officials from the Group of Seven rich democracies said they had moved toward agreement on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. “We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit …

G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
10 months ago

G7 officials make progress but no final deal on money for Ukraine from frozen Russian 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. Read our privacy policy Finance officials from the Group …

US pushes for Ukraine aid, united front against China's trade practices at G7 finance meeting
10 months ago

US pushes for Ukraine aid, united front against China's trade practices at G7 finance meeting

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. Read our privacy policy The U.S. sought to build …

With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets
10 months ago

With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets

Associated Press  

FRANKFURT, Germany — Ukraine’s allies are wrestling with how to squeeze money out of frozen Russian assets to support Kyiv’s war effort, a debate getting more urgent as Russia gains territory on the battlefield and as the outlook for Ukraine’s state finances looks shakier. “Securing Ukraine’s position in the medium-to-long term requires unlocking the value of immobilized Russian sovereign assets,” …

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

Cameron to push for G7 agreement on using Russian assets to help Ukraine
11 months, 1 week ago

Cameron to push for G7 agreement on using Russian assets to help Ukraine

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 Lord David Cameron is to push G7 partners to use …

EU leaders mull ways to get more arms to outgunned Ukraine amid a new sense of urgency
1 year ago

EU leaders mull ways to get more arms to outgunned Ukraine amid a new sense of urgency

Associated Press  

BRUSSELS — European Union leaders on Thursday debated fresh ways to help boost arms and ammunition production for Ukraine amid a new sense of urgency about the future of the war-torn country. Ahead of the summit in Brussels, EU Council President Charles Michel said the Europeans “face a pivotal moment.” He said that with Europe “facing the biggest security threat …

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits
1 year ago

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits

Associated Press  

BRUSSELS — The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The 27-nation EU is holding around 200 billion euros in Russian central bank assets, most of it frozen in Belgium, …

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits
1 year ago

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits

LA Times  

The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The 27-nation EU is holding around 200 billion euros in Russian central bank assets, most of it frozen in Belgium, in retaliation …

Ukrainian ministers ‘optimistic’ about securing US aid, call for repossession of Russian assets
1 year ago

Ukrainian ministers ‘optimistic’ about securing US aid, call for repossession of Russian assets

Associated Press  

WASHINGTON — A pair of Ukrainian justice ministers in Washington this week urged U.S. lawmakers to put aside domestic political disputes and find a way to continue supporting Ukraine in its defense against Russia. “We really hope the U.S. is going to be a champion in terms of confiscation of Russia’s sovereign assets and leading other countries,” Maliuska said, adding …

Yellen urges world leaders to ‘unlock’ frozen Russian Central Bank assets and send them to Ukraine
1 year, 1 month ago

Yellen urges world leaders to ‘unlock’ frozen Russian Central Bank assets and send them to Ukraine

LA Times  

Treasury Secretary Janet L. Yellen has offered her strongest public support yet for unfreezing about $300 billion in Russian Central Bank assets to help rebuild Ukraine. Treasury Secretary Janet L. Yellen has offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine‘s long-term reconstruction. “It …

Yellen urges world leaders to ’unlock’ frozen Russian Central Bank assets and send them to Ukraine
1 year, 1 month ago

Yellen urges world leaders to ’unlock’ frozen Russian Central Bank assets and send them to Ukraine

Live Mint  

WASHINGTON — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine's long-term reconstruction. “It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance …

Yellen urges world leaders to ‘unlock’ frozen Russian Central Bank assets and send them to Ukraine
1 year, 1 month ago

Yellen urges world leaders to ‘unlock’ frozen Russian Central Bank assets and send them to Ukraine

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction. “It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance …

Yellen urging world leaders to 'unlock' frozen Russian Central Bank assets and send them to Ukraine
1 year, 1 month ago

Yellen urging world leaders to 'unlock' frozen Russian Central Bank assets and send them to Ukraine

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. Read our privacy policy Treasury Secretary Janet Yellen is …

West should be bolder about seizing Russian assets: UK PM Rishi Sunak
1 year, 1 month ago

West should be bolder about seizing Russian assets: UK PM Rishi Sunak

Hindustan Times  

Western nations should be bolder about confiscating Russian assets which they froze after the country's full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said. Britain's Prime Minister Rishi Sunak Sunak, in an article in an early edition of the Sunday Times to mark two years since the start of the conflict, said Ukraine continued to need more …

G-7 eye Russian assets as collateral to raise funds for Ukraine
1 year, 1 month ago

G-7 eye Russian assets as collateral to raise funds for Ukraine

Live Mint  

The Group of Seven and the European Union are discussing a plan to use more than $250 billion in frozen Russian central bank assets as collateral to help fund Ukraine’s reconstruction, according to people familiar with the matter. Under the proposal, Ukraine’s allies could sell debt to contribute to the war-torn country’s rebuilding, using the frozen assets as collateral. The …

EU moves slowly to use profits from frozen Russian assets to help Ukraine
1 year, 1 month ago

EU moves slowly to use profits from frozen Russian assets to help Ukraine

Firstpost  

European Union nations have reached a tentative agreement to approve an outline deal that would retain the profits from the frozen assets of the Russian central bank, amounting to hundreds of billions of dollars. However, it is considered a significant initial move toward utilizing a portion of the 200 billion euros in Russian central bank assets held in the EU …

EU moves toward using profits from frozen Russian assets to help Ukraine, but slowly
1 year, 1 month ago

EU moves toward using profits from frozen Russian assets to help Ukraine, but slowly

Associated Press  

BRUSSELS — European Union nations have decided to approve an outline deal that would keep in reserve the profits from hundreds of billions of dollars in Russian central bank assets that have been frozen in retaliation for Moscow’s war in Ukraine, an EU official said. The tentative agreement, reached late Monday, still needs formal approval but is seen as a …

Nearly two years after invasion, West still seeking a way to steer frozen Russian assets to Ukraine
1 year, 2 months 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
1 year, 2 months 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, …

G7 plans €15 billion in aid for Ukraine, Russia calls it ‘outright theft’
2 years, 10 months ago

G7 plans €15 billion in aid for Ukraine, Russia calls it ‘outright theft’

The Hindu  

The finance ministers of the Group of Seven economic powers want to put together a €15 billion aid package for Ukraine at their meeting in Bonn this week, a senior German government official said on May 17. Russia opposes G7’s aid to Ukraine The Kremlin said it would be “outright theft” for the Group of Seven economic powers and European …

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