russianassets
Estonia’s parliament enacted a law on May 15 enabling the use of frozen Russian assets to compensate Ukraine for the damages caused by Russia’s war. Kyiv and its Western allies have discussed using around $300 billion in Russian assets held in Western accounts to support Ukraine. As of October 2023, the Estonian government estimated having 38 million euros ($41.3 million) in frozen Russian assets. “We will adopt this law because Ukraine’s victory is our victory,” Hendrik Johannes Terras, the chairman of Estonia’s Constitutional Commission, said. “We are adopting this law because Russia must co...
Kyiv Independent
Estonian President Alar Karis promulgated on May 30 a law that allows the use of frozen Russian assets for funding Ukraine's war efforts and reconstruction, according to the Presidential Office's website. The Estonian government estimated in October 2023 that it held about 38 million euros ($41.3 million) of frozen Russian assets. Estonia's parliament, the Riigikogu, passed the bill on May 15 despite some experts disagreeing with it because it supposedly conflicted with the country's Constitution. "Although the chosen method of compensation is innovative, it aims to protect the prohibition of ...
Kyiv Independent
The G7 finance ministers on May 25 announced "progress" but no concrete deal on how to use future income from frozen Russian assets to help Ukraine, according to a draft statement seen by Reuters and AFP. "We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement to Ukraine per year. Ukraine's Justice Minister Denys Maliuska said that while it is a "good step," the figure is "almost nothing" in the context of the full-scale war. It is unclear what t...
Kyiv Independent
The EU's expected annual contribution of around 3 billion euros ($3.2 billion), drawn from frozen Russian assets profits, is "almost nothing" in the context of the full-scale war, Justice Minister Denys Maliuska told Politico in an interview published on May 10. EU ambassadors agreed on May 8 on a plan to use windfall profits of immobilized Russian assets to fund Ukraine's reconstruction and defense needs. Kyiv is expected to receive roughly 3 billion euros every year, according to earlier discussions. "If we are talking about the needs of Ukraine and the needs of the war, military and non-mil...
Kyiv Independent
EU ambassadors agreed in principle on a measure for using profits from frozen Russian assets to support Ukraine's recovery and military needs, the Belgian Presidency of the EU said on May 8. Ukraine's Western partners and other allies froze around $300 billion in Russian assets at the start of the full-scale invasion in 2022. Roughly two-thirds are held in the Belgium-based financial services company Euroclear. "I welcome today's political agreement on our proposal to use the proceeds from immobilized Russian assets for Ukraine," European Commission President Ursula von der Leyen said on X. "T...
Kyiv Independent
New U.S.-supplied weapons and money are now on their way to Ukraine. Whether to provide additional military aid was a matter of debate for many months in the U.S. Congress. In the end, Speaker of the House of Representatives Mike Johnson stared down the most right-wing elements of his party and put the matter to a vote. The proposal passed by a margin of 311 to 112, thanks to the support of Democrats. While the same package also provides security aid for Israel and Taiwan, the nearly $61 billion for Ukraine is the biggest component – and will make the biggest near-term difference. The new aid ...
Kyiv Independent
U.S. President Joe Biden signed the Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act on April 24. Largely overshadowed in the media by the groundbreaking approval of $61 billion in aid for Ukraine that same day, the REPO Act is equally crucial. However, the REPO Act has not yet won the war for Russian assets. The REPO Act allows the Biden administration to confiscate Russian sovereign assets that are subject to U.S. jurisdiction to support Ukraine. In essence, the bill overcomes the main legal concern of Russia’s sovereign immunity by allowing the U.S. to confiscate the...
Kyiv Independent
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, claimed on April 27. The U.S. Congress recently approved the REPO Actthat would allow President Joe Biden's administration to seize Russian assets held at American banks and funnel them to Ukraine. Western countries and Kyiv's other partners have immobilized around$300 billion of Russian assets in response to the full-scale invasion of Ukraine, with around $5 billion held in the U.S. "It is obvious that ...
Kyiv Independent
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 immobilized in Western jurisdictions. If you include oligarch assets, the total amount is nearly $400 billion. Around two-thirds of these assets are in the European Union, mostly in France and Belgium, due to the role played by the financial depository Euroclear. The rest is distributed across the U.K., U.S., Japan, and Switzerland. To put thi...
Kyiv Independent
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. Western countries have immobilized around $300 billion of the Russian central bank's assets since the start of the full-scale invasion. Washington, Brussels, and Kyiv have long discussed legal ways of channeling these funds to aid Ukraine's reconstruction efforts. The SPV would reportedly employ around $280 billion of these funds a...
Kyiv Independent
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