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
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
The exit measures implemented by the Russian government, combined with writedowns, lost revenue, and other factors, account for the staggering figure, Reuters found.
"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.
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.
"I am confident that we can act very quickly," said European Council President Charles Michel.
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.
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.
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%
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.
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.
Kyiv would get an estimated 3 billion euros ($3.3 billion) a year to boost its defense industry and purchase weapons, according to Bloomberg.
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.
The commission's officials plan to put forward a "legally robust proposal" for consideration by the member states, possibly before a meeting of prime ministers on March 21, the outlet said.
"In the case of the practical implementation of such plans by Bern, retaliatory measures by the Russian side will be inevitable," the Russian Foreign Ministry said on its official Telegram channel.
Ukraine may receive up to 3 billion euros in funds from the profits of frozen Russian central bank assets as early as July, the Financial Times reported on March 12, citing unnamed officials.
The Swiss government estimated in December 2023 that it had frozen $8.8 billion in Russian state assets as part of its sanctions against Russia.
The assets will be used as a surety for the payment of the reparations, U.K. Foreign Secretary David Cameron said.
Dmitry Kiselyov was sanctioned and his property and assets were blocked by Ukraine in January 2023 when President Volodymyr Zelensky enacted the decision of the National Security and Defense Council to impose personal sanctions on 119 individuals.
Ukraine is compiling a list of sites that Russia has destroyed to specifically allocate funds from frozen Russian assets, Prime Minister Denys Shmyhal said at a press conference on March 4,
Any plan to seize or monetize frozen Russian assets to help Ukraine can not be considered a substitute for emergency Ukraine aid that has been stalled in Congress, U.S. Treasury Secretary Janet Yellen said in an interview, as reported by Bloomberg on March 1.
