European Commission President Ursula von der Leyen urged members of the European Parliament "to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine."
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” U.S. Treasury Secretary Janet Yellen said.
The enforcement actions coincide with the U.S. announcing new sanctions against Russia on the eve of the second anniversary of Russia's full-scale invasion of Ukraine.
A letter signed by international legal experts argues that the seizure of frozen Russian central bank assets to aid Ukraine would be lawful given Russia's "ongoing breach of the most fundamental rules of international law," Bloomberg reported on Feb. 21.
The transfer marks the second time the U.S. has sent confiscated Russian money to Ukraine, and the first time such funds have been sent to a foreign ally with the intent of providing aid to Ukraine.
Already this year, Ukraine could receive $4 billion from Russian assets frozen by the EU and the Group of Seven (G7) countries, Deputy Justice Minister Iryna Mudra told Forbes Ukraine in an interview published on Feb. 14.
The European Council said on Feb. 12 that central securities depositaries (CSDs) holding more than 1 million euros ($1.07 million) in assets from the Russian Central Bank must separate any profits generated from the primary accounts.
As Russia’s war against Ukraine continues to wreak havoc both regionally and globally, the Ukrainian people and their allies demonstrate remarkable determination and courage. But nearly two years after Russia launched its full-scale invasion, it is increasingly clear that the international community can and must do much more to
Ukraine may have gotten one step closer to gaining access to frozen Russian assets to put toward its massive reconstruction needs. European Union leaders on Oct. 27 expressed support for a proposal to use billions of euros in windfall taxes from Russian assets tied up in the West to rebuild
