Media: G7 to create Ukraine aid fund using income from frozen Russian assets
A final agreement on the issue is expected at a G7 summit in Apulia, Italy, on June 13-15, which President Volodymyr Zelensky will attend.
Russian assets
Von der Leyen: Ukraine to receive 3.4 billion euros from EU this summer
Ukraine will receive 1.5 billion euros ($1.6 billion) in Russian frozen assets revenue in July and 1.9 billion euros ($2 billion) under the Ukraine Facility already this month, European Commission President Ursula von der Leyen said on June 11.
Biden, Macron reach agreement on using profits from frozen Russian assets for Ukraine
U.S. President Joe Biden announced on June 9 that he had reached an agreement with French President Emmanuel Macron on using the profits from frozen Russian assets to support Ukraine, Radio Free Europe/Radio Liberty (RFE/RL) reported.
AFP: Still no G7 consensus over using frozen Russian assets for Ukraine
According to AFP, the U.S. is pushing the G7 to endorse a loan for Ukraine of up to $50 billion, secured by interest on the frozen assets.
FT: US proposes $50 billion Ukraine loan conditional on EU extending sanctions against Russia until end of war
The U.S. has proposed that a $50 billion loan to Ukraine could be repaid by profits from frozen Russian assets, on the condition that the EU agrees to extend sanctions against Russia until the end of the war, the Financial Times reported on June 5, citing a leaked EU discussion paper.
Opinion: Estonia leads the charge on using frozen Russian assets
Estonia’s parliament enacted a law on May 15 enabling the use of frozen Russian assets to compensate Ukraine for the damages caused by Russia’s war. Kyiv and its Western allies have discussed using around $300 billion in Russian assets held in Western accounts to support Ukraine. As of
Meloni: Zelensky will take part in upcoming G7 summit
President Volodymyr Zelensky will participate in the upcoming G7 summit, Italian Prime Minister Giorgia Meloni said on June 2, according to the Italian news outlet ANSA.
Ukraine to receive 1st tranche of frozen Russian assets revenue this summer, EU official says
The legal framework within which the funds will be transferred is still in progress, according to David O'Sullivan. The EU sanctions envoy hopes that the decision will be made in "a few weeks."
Estonian president approves law allowing use of frozen Russian assets for Ukraine
"Although the chosen method of compensation is innovative, it aims to protect the prohibition of aggression as a fundamental rule of international law," Alar Karis said in a statement.
FT: Hungary holding up EU's use of frozen Russian assets for Ukrainian defense
Hungary is holding up legislation that would allow the European Union to send billions of dollars in profits from frozen Russian assets for Ukrainian aid, according to a report by the Financial Times.
G7 announces 'progress' on Russian frozen assets but work still to be done
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.
Putin signs decree authorizing confiscation of US companies, individuals in retaliatory measure
The decree would enable Russian citizens, companies, and the central bank to appeal to courts that the seizure of their assets is unjustified. In turn, the Russian government could offer U.S. assets in Russia as compensation.
Opinion: The West should launch a new economic Cold War against Russia
Russian President Vladimir Putin is trying to revive the Soviet Union, but two can play this game. To complete the Kremlin’s grotesque historical reenactment, the West should launch a new economic Cold War in response. In addition to the war of aggression waged against the civilians and cities of
European Commission says Ukraine will receive first payment of revenue from frozen Russian assets in July
The European Commission said that the "resources will be available to support Ukraine starting from July 2024, with bi-annual payments."
EU Council approves using Russian assets revenue to fund Ukraine
"Up to 3 billion euros ($3.26 billion) (could be raised) only this year, 90% goes for Ukraine's military. Russia must pay for its war damages," Czech Foreign Minister Jan Lipavsky said.
Bloomberg: Germany ready to back US plan to tap Russian assets revenue for funding Ukraine
Washington's proposal envisions borrowing against future profits from the frozen assets and transferring the money to Kyiv upfront from a Group of Seven (G7) loan.
Reuters: G7 will support using frozen Russian assets revenue to fund Ukraine
The G7 finance 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.
Estonian parliament passes bill allowing use of frozen Russian assets for war reparations for Ukraine
"We're one step closer to setting a historic precedent in Europe," said Prime Minister Kaja Kallas.
Minister: 3 billion euros of Russian assets revenue 'almost nothing' in war's context
"If we are talking about the needs of Ukraine and the needs of the war, military and non-military, 3 billion euros is actually almost nothing— we need hundreds of billions in order to win the war," Justice Minister Denys Maliuska told Politico at the G7 justice ministers' meeting in Venice on May 9.
Bloomberg: Russian tycoons move assets home amid Western sanctions
Increasingly cut off from western banking and financial services, Russia's wealthiest individuals are facing a dilemma when it comes to handing their fortunes to the next generation, according to Bloomberg. Most of the billionaires who were sanctioned have opted to move assets home, the news agency reported.
EU ambassadors agree on using Russian assets revenue to fund Ukraine
EU ambassadors agreed in principle on a measure using profits from frozen Russian assets to support Ukraine's recovery and military needs, the Belgian Presidency of the EU said on May 8.
Ukraine Business Roundup — Easter in Ukraine is getting expensive
The following is the May 7, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine’s Central Bank eased some wartime foreign exchange restrictions on businesses in what it said was the
Opinion: Will the renewed US support for Ukraine be enough?
New U.S.-supplied weapons and money are now on their way to Ukraine. Whether to provide additional military aid was a matter of debate for many months in the U.S. Congress. In the end, Speaker of the House of Representatives Mike Johnson stared down the most right-wing elements
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
Bloomberg: US leading efforts within G7 to develop $50 billion aid package to Ukraine
The United States is leading talks among the Group of Seven (G7) nations to develop a military aid package to Ukraine worth up to $50 billion, Bloomberg reported on May 3. The package would reportedly be funded by the profits generated by accrued interest on frozen Russian assets.
Reuters: Russian court cancels confiscation of some JPMorgan assets in dispute with Russian bank
A Russian court canceled the seizure of some of JPMorgan funds in Russia as part of a lawsuit with the Russian state-owned bank VTB, Reuters reported on May 2.
Ukraine Business Roundup — No more border blockades, for now
The following is the April 30, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Polish farmers finally ended their protests at the Hrebenne-Rava-Ruska border crossing on April 29, effectively lifting a blockade
Medvedev threatens Russia may seize private US assets if Washington seizes frozen Russian reserves
Russia could seize assets and property of U.S. individuals held in Russia if Washington confiscates Russian sovereign assets, Dmitry Medvedev, the deputy chairman of Russia's Security Council, threatened on April 27.
US Treasury Secretary: G7 may support aiding Ukraine with interest from Russian assets
"This is an approach that could be broadly supported by countries that are concerned about the seizure of assets, and some of the interest could be brought forward through, for example, a loan," Yellen said.
Russia threatens to decrease diplomatic relations with US in response to REPO Act
Russia could lower its level of diplomatic relations with the U.S. if confiscated frozen Russian assets are transferred to Ukraine, Deputy Foreign Minister Sergei Ryabkov told Russian state-controlled media on April 25.
Explaining Washington’s REPO Act that could kick-start the confiscation of frozen Russian assets
The U.S. on April 20 became the first nation to adopt legislation green-lighting confiscating frozen Russian assets for Ukraine. President Joe Biden signed the REPO Act alongside a $95 billion foreign aid bill that included $61 billion for Kyiv on April 24, setting the legal basis for liquidating immobilized
US House approves bill to transfer seized Russian assets to Ukraine
The U.S. House of Representatives on April 20 passed a bill that would allow the seizure and transfer of frozen Russian assets held in the U.S. to Ukraine.
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