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- G7 Nations Close In on Deal to Utilize Frozen Russian Assets for Ukraine Aid
G7 Nations Close In on Deal to Utilize Frozen Russian Assets for Ukraine Aid
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Finance ministers from the Group of Seven (G7) nations met in Stresa, Italy, to discuss a plan to utilize interest from frozen Russian assets to support Ukraine. The meeting comes as Ukraine claims to have halted the Russian advance in the Kharkiv region. Approximately $300 billion in Russian central bank assets are currently frozen in the West, primarily held in foreign currency, gold, and government bonds. Euroclear, a Belgian central securities depository, is holding an equivalent of £162 billion.
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 of Ukraine, consistent with international law and our respective legal systems.
While reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China's comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience.
There are many unresolved issues, many unanswered questions here. I don't expect any decisions to be made; the matter is too complex for that. There are still far too many questions open.
We are not yet ready to find further and clear measures to finance Ukraine, but this is now a topic of intensive work.
If the world has $300bn, why not use it?
Our hope would be to show that those assets do provide a viable stream of support in the years to come.
This is an assured source of financing and it's important that Russia realise that we will not be deterred from supporting Ukraine for lack of resources.
It's not a given, so I'm not saying this is a totally done deal.
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sources
perspectives
- 1.US Foreign Policy
- 2.Russian Foreign Policy
- 3.Russia-Ukraine War
- 4.Chinese Foreign Policy
- 5.US-Russia Relations
- 6.Intercontinental Ballistic Missile
- 7.Nuclear Weapons
- 8.German Foreign Policy
- 9.Russian Politics
- 10.Rare-Earth Elements
- 11.Ukrainian Politics
- 12.EU-Russia Relations
countries
- 1.Afghanistan
- 2.Belgium
- 3.Canada
- 4.China
- 5.Germany
- 6.France
- 7.United Kingdom
- 8.Hungary
- 9.Italy
- 10.Japan
- 11.Poland
- 12.Russian Federation
organizations
- 1.European Union
- 2.Euroclear
- 3.International Monetary Fund
- 4.World Bank
- 5.World Trade Organization
- 6.Australian National University
- 7.EU Parliament
- 8.European Central Bank
- 9.European Commission
- 10.Group of 7 nations
- 11.King's College London
- 12.UN General Assembly