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
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.
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."
"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.
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.
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.
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.
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
The European Commission said that the "resources will be available to support Ukraine starting from July 2024, with bi-annual payments."
"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.
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.
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.
"We're one step closer to setting a historic precedent in Europe," said Prime Minister Kaja Kallas.
"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.
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 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.
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
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
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
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.
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.
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
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.
"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 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.
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
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.
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.
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.
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.”
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.
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
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