According to journalists, the bill adopted by the USA will allow the use of Russia’s sovereign assets in line with Ukraine’s interests.
Representatives of the American government expressed their support for a bill that would provide for the possibility of seizing the frozen assets of the Russian Federation, estimated at about $ 300 billion. These funds will be used for restoration work in Ukraine. Bloomberg writes about this issue by referring to the notes submitted to Congress by the US National Security Council (NSC).
“The bill will provide the executive branch with the necessary powers to seize Russia’s sovereign assets in the interests of Ukraine,” the document says.
A source from the agency’s leadership confirmed the official position of the White House and stated that this issue will be discussed at the upcoming meeting of the Group of Seven (G7) countries, which is scheduled to be held before the second anniversary of the full-scale invasion of Ukraine.
It is worth noting that US officials had previously instructed three working groups to examine options for seizing Russian assets before February 24, 2024, the Financial Times reported. Canada, England and Japan participated in this study. Germany, France and Italy expressed their objections, emphasizing that the legality of such steps should be carefully examined.
According to the source, various scenarios are currently being considered, including the direct seizure of frozen assets of the Russian Federation and their use for Ukrainian expenses, as well as the use of proceeds or the use of these funds as collateral to obtain loans.
Most of the assets blocked in the European Union, worth about 191 billion euros, are frozen in the Belgian depository Euroclear. Additionally, France seized assets worth 19 billion euros. The share of assets frozen in other countries is significantly less; for example, in Germany this volume is approximately 210 million Euros. In the United States alone, $5 billion in assets are blocked.
Let us recall that President Vladimir Zelensky called on international partners to accelerate the development of the legal framework for the use of $ 300 billion of frozen Russian assets to support Ukraine.
And in October 2023, the EU and the USA confirmed their intention to transfer proceeds from Russia’s frozen assets to Ukraine.
Source: Focus
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