Skip to content
Edit post

Financial Times: G7 steps up efforts to confiscate Russian assets for Ukraine

by Dominic Culverwell December 16, 2023 3:12 PM 2 min read
Russian Central Bank in Moscow. Western states have frozen $300 billion in reserves belonging to the bank. April 4, 2023. (Vlad Karkov/SOPA Images/LightRocket via Getty Images)
This audio is created with AI assistance

The Group of Seven (G7) is increasing efforts to confiscate frozen Russian central bank assets for Ukraine’s benefit, the Financial Times reported on Dec. 15.

The decision could be made in the next few months, a U.S. source told the Financial Times. The G7 leaders may discuss the issue in February 2024, close to the two-year anniversary of Russia’s full-scale invasion of Ukraine, according to the newspaper.

This comes as financial support for Ukraine has stalled in Washington and Brussels due to internal disputes. The seized assets could be funneled into Ukraine’s war and reconstruction efforts, aiding the country as it faces mounting pressure on the battlefield.

The Russian central bank assets were frozen in the West after Russia launched its full-scale invasion of Ukraine in February 2022.

The plan to confiscate the $300 billion in frozen reserves belonging to the Russian central bank has widespread support from Kyiv and Brussels but has been bogged down by legal issues.

However, Washington has intensified discussions on finding a legal path with the G7 in recent weeks.

“G7 members and other specially affected states could seize Russian sovereign assets as a countermeasure to induce Russia to end its aggression,” the Financial Times wrote, citing a U.S. discussion paper.

On Nov. 28, U.S. Senators also introduced a bipartisan bill aimed at confiscating assets of Russian oligarchs to be used towards the reconstruction of Ukraine.

Browder: ‘West must hand Russian Central Bank’s $350 billion to Ukraine for reconstruction’
London-based American investor Bill Browder says people call him the “number one enemy” of Russian President Vladimir Putin and, more recently, an official “Friend of Ukraine.” Browder has spent the last 13 years campaigning to freeze Putin’s assets hidden in the West. Now, he’s fighting for them t…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
5:17 PM

Zelensky signs bill on conditions for demobilization of conscripts.

According to President Volodymyr Zelensky's original proposal, conscripts whose term of service expired during martial law and whose military service was extended beyond the established period are released from service to the reserve "within the terms determined by the presidential decree."
3:11 PM

Yermak: Ukraine working to restore operations at one airport.

Ukrainian authorities are working to restore operations at one of the country's airports once security issues are addressed, Head of the Presidential Office Andriy Yermak said at the "Made in Ukraine" forum on Feb. 26, the Liga.net outlet reported.
1:12 PM

Denmark drops investigation into Nord Stream explosions.

"The investigation has led the authorities to conclude that the sabotage of the pipelines was intentional. However, the assessment is that there is no sufficient basis to pursue a criminal case in Denmark," the Danish police said in a statement.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.