Zelenskyy: Frozen Russian assets belong to Ukraine
Pravda Ukraine
Ukraine’s President Volodymyr Zelenskyy has proposed using a portion of frozen Russian assets to finance the future fund which is expected to be part of an agreement granting the US a stake in Ukraine’s mineral resources.
Source: Zelenskyy at a press conference on 23 February
Quote: “As I have already said, the agreement cannot be written in such a way that we become debtors for the past. We are willing to invest in new ventures as equal partners.
It was written [in the agreement] that the fund was to be 100% [owned by the US – ed.], but an alternative model could be a 50-50 split in which the US invests by considering its aid to Ukraine as a contribution, while we also invest on our side.”
Details: Zelenskyy suggested that Ukraine could contribute to the fund by allocating profits from Ukrainian enterprises and funds from frozen Russian assets.
Quote: “Frozen Russian assets are our money. Ours – not ours and our partners’.
And this could really help. It could facilitate rapid investments. These funds can be accessed quickly. For example, we could take US$50 billion from frozen assets, the US could provide US$50 billion in aid, and we would have a US$100 billion fund. This amount could be invested in resource extraction and Ukraine’s economic development.”
More details: Another way to contribute to the fund, Zelenskyy added, could involve the provision of military equipment to defend Ukrainian territories and natural resources.
Quote: “This is also an investment. We need 20 more Patriot systems, which will cost between US$30-35 billion. If the United States delivers US$35 billion in Patriot systems, we will consider that an investment and contribute US$35 billion from our side.
That would boost the fund’s total to US$70 billion. Is this fair? I think it is. But in order to understand what the US thinks about this arrangement and how it can provide security guarantees, we need to meet and discuss all this. I feel that this meeting should be fair and must take place before Trump meets with Putin.”
Background:
- Earlier, Reuters reported that Russia may agree to the use of US$300 billion of its frozen assets in Europe for Ukraine’s reconstruction.
- However, Russia is reportedly insisting that part of these funds be allocated to rebuilding the occupied territories.
- As previously reported by Ekonomicha Pravda, the latest draft of the agreement between the US and Ukraine on natural resources proposes the creation of a commercial fund that would be 100% controlled by the US, with Ukraine contributing funds to it.
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