G7 to support EU plan to use frozen Russian assets
Pravda Ukraine
At a conference on 24-25 May, finance ministers from the Group of Seven countries are anticipated to accept the European Union’s idea to utilise the proceeds of frozen Russian assets to assist Ukraine in its conflict.
Source: Reuters with reference to the official in the Italian Ministry of Finance, as reported by European Pravda
Details: According to the source, the G7 will support the EU’s position on directing excess income from frozen Russian assets to Ukraine. He emphasised that the goal is to use the revenue generated by assets rather than the assets themselves.
Any decision regarding the Russian Federation’s assets should have EU support and a “solid legal basis,” according to an Italian Ministry of Finance representative.
He noted that the meeting of the Group of Seven’s finance ministers will allow for preparatory work before the leaders of the countries make a final decision at the June summit.
The G7 froze approximately US$300 billion in Russian assets shortly after the full-scale invasion of Ukraine. Since then, the European Union and the G7 countries have debated whether and how to utilise these funds to aid Ukraine.
The US proposed to seize all Russian assets, but the EU declined, citing hazards to the euro and legal issues. Washington has recently promoted the use of assets as security to offer loans to Ukraine.
On Wednesday 8 May, EU ambassadors agreed a plan to utilise the proceeds from investing frozen Russian assets in Europe to buy arms for Ukraine. It is anticipated that the amount will range between €2.5 and €3 billion per year.
Support UP or become our patron!