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"We now know for sure that the great fire of the Marywilska shopping centre in Warsaw was caused by arson ordered by the Russian special services," Prime Minister Donald Tusk said on X. "Some of the perpetrators have already been detained, all the others are identified and searched for."

This week, the world watched in anticipation for Russia’s Victory Day parade after President Volodymyr Zelensky commented that he could not guarantee the safety of those attending. Meanwhile, the European Union moves one step forward to banning Russian gas from the European continent. It is also revealed this week that U.S. Secretary of Defense Pete Hegseth has fallen out of step with the White House.

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Reuters: G7 will support using frozen Russian assets revenue to fund Ukraine

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Reuters: G7 will support using frozen Russian assets revenue to fund Ukraine
A view of the Russian Central Bank headquarters in Moscow, Russia, on July 21, 2023. (Sefa Karacan/Anadolu Agency via Getty Images)

The finance ministers of the Group of Seven countries (G7) will support an EU plan to use the revenue from frozen Russian assets to fund Ukraine, Reuters reported on May 16, citing an unnamed Italian treasury official.

The ministers are set to meet on May 24, where they will work out the details to come to a final decision before a summit in Italy in June.

Ukraine's Western partners and other allies froze around $300 billion in Russian assets at the start of the full-scale invasion in 2022. Roughly two-thirds are held in the Belgium-based financial services company Euroclear.

While the U.S. proposed seizing Russian assets outright in accordance with their recently passed REPO act, the EU has been more hesitant, fearing legal and fiscal pitfalls of confiscation.

Instead, Brussels seeks to use windfall profits generated by the frozen assets and funnel them to Kyiv.

In March, the European Commission submitted a proposal on using 90% of the generated funds to purchase weapons for Ukraine and allocate the remaining 10% to the EU budget to support the country's defense industry.

The proposed measure would have allocated around 3 billion euros ($3.3 billion) to Ukraine per year.

Ukraine's Justice Minister Denys Maliuska said that while it is a "good step," the figure is "almost nothing" in the context of the full-scale war.

It is unclear what the contribution from the G7 countries not in the EU- the U.K., Canada, Japan, and the U.S., would add to the $3.3 billion sum.

Opinion: The REPO Act hasn’t won the war for Russian assets
U.S. President Joe Biden signed the Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act on April 24. Largely overshadowed in the media by the groundbreaking approval of $61 billion in aid for Ukraine that same day, the REPO Act is equally crucial. However, the REPO Act has not
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Nate Ostiller

News Editor

Nate Ostiller is a former News Editor at the Kyiv Independent. He works on special projects as a researcher and writer for The Red Line Podcast, covering Eastern Europe and Eurasia, and focused primarily on digital misinformation, memory politics, and ethnic conflict. Nate has a Master’s degree in Russian and Eurasian Studies from the University of Glasgow, and spent two years studying abroad at Kyiv-Mohyla Academy in Ukraine. Originally from the USA, he is currently based in Tbilisi, Georgia.

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