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.
Russian assets
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.
Shmyhal: Both major US parties support aid package for Ukraine
Prime Minister Denys Shmyhal said at the close of a visit to the United States that he received "assurances of support" for the proposed military aid package to Ukraine from both Democrats and Republicans in Congress.
EU official: G7 considers using frozen Russian assets as collateral for Ukraine loans
The Group of Seven (G7) countries are discussing using frozen Russian assets as collateral to provide loans to Ukraine, Reuters reported on April 18, citing European Commission Executive Vice President Valdis Dombrovskis.
Zelensky: Russia must pay a 'painful price' as 'sole culprit of this war'
President Volodymyr Zelensky has said Russia must pay a “painful price” for its war in Ukraine and frozen Russian assets should be utilized to help Ukraine’s fight against “terror.”
PACE adopts resolution calling for using frozen Russian assets to fund Ukraine
The Parliamentary Assembly of the Council of Europe (PACE) voted unanimously on April 16 in support of a resolution calling for frozen Russian assets to be transferred to a new fund for Ukraine's reconstruction.
Ukraine Business Roundup: Deal-making history
The following is the April 9, 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. French billionaire Xavier Niel’s investment company NJJ Capital announced that it would be acquiring and merging two
Opinion: Answering your burning questions on Russia's frozen assets
There’s so much news and noise on the issue of using frozen Russian assets for Ukraine, so I thought it useful to put out a quick Q&A on the issue. How much money are we talking about? There are around $320 billion in Russian central bank assets currently
Reuters: Losses of foreign firms who exited Russia surpass $107 billion
The exit measures implemented by the Russian government, combined with writedowns, lost revenue, and other factors, account for the staggering figure, Reuters found.
Zelensky meets Estonian parliament speaker in Kyiv
"We discussed further assistance for Ukraine from Estonia and other partners and the progress in the preparation of a bilateral security agreement," President Volodymyr Zelensky said, according to his Telegram channel.
Reuters: France, Germany reportedly oppose using bonds to maximize profits from frozen Russian assets
At the same time, the EU moved closer on March 21 to finalizing a plan to use 90% of the profits generated from the frozen funds to purchase weapons for Kyiv and allocate the remaining 10% to the EU budget to support Ukraine's defense industry.
EU moves toward plan to use profits from frozen Russian assets for arms for Ukraine
"I am confident that we can act very quickly," said European Council President Charles Michel.
Bloomberg: US backs plan to issue $50 billion in bonds from frozen Russian assets
The United States proposed to the Group of Seven (G7) countries that they establish a special-purpose vehicle (SPV) to issue $50 billion in bonds from profits generated by frozen Russian assets and use the proceeds to support Ukraine, Bloomberg reported on March 21.
Austrian chancellor opposes profits from frozen Russian assets being used to buy weapons for Ukraine
While some leaders, such as German Chancellor Olaf Scholz and Belgian Prime Minister Alexander De Croo backed the idea, Austrian Chancellor Karl Nehammer publicly voiced opposition to the proposal.
Ukraine war latest: Germany announces $540 million aid package for Kyiv; reports of fighting ongoing in Belgorod Oblast
Key developments on March 19: * Germany announces aid package for Ukraine worth $540 million * Anti-Kremlin militia claims fighting ongoing in Belgorod Oblast * Gunvor: Russia has lost 600,000 barrels of daily oil-refining capacity due to drone attacks * Shmyhal: Ukraine hopes to get enough shells by April * Borrell proposes using 90%
Borrell wants to use 90% of Russian assets profits to buy arms for Ukraine
The remaining 10% would be allocated to the EU's budget to boost Ukraine's defense industry, Josep Borrell told reporters in Brussels. The official said he would submit the proposal to member states on March 20.
PM Shmyhal arrives in Luxembourg, meets with Luxembourgish counterpart
Prime Minister Denys Shmyhal said that he and his Luxembourgish counterpart Luc Frieden would discuss Luxembourg's support for Ukraine and the potential future confiscation of Russian assets.
Bloomberg: EU drafts proposal on funneling profits from Russian assets to Ukraine
Kyiv would get an estimated 3 billion euros ($3.3 billion) a year to boost its defense industry and purchase weapons, according to Bloomberg.
Bloomberg: Republicans warming to idea of using frozen Russian assets to fund Ukraine
According to Bloomberg, House Foreign Affairs Committee Chairman Michael McCaul is working on a plan that would involve seizing some of the frozen Russian assets to pay for the bill.
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