G7 officials make progress on money for Ukraine from frozen Russian assets
==========
Finance officials from the Group of Seven (G7) rich democracies have made progress on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. The G7 ministers are working on potential avenues to bring forward the profits from immobilized Russian sovereign assets to benefit Ukraine. The final decision on how the assets will be used will be made by the G7 national leaders, including U.S. President Joe Biden, at their annual summit in June. European countries have a strong voice in the matter since most of the $260 billion in Russian central bank assets frozen after the 2022 invasion are held in their jurisdictions. European officials have concerns about outright confiscation of the money and plan to use the interest accumulating on the assets, which amounts to about $3 billion a year. U.S. Treasury Secretary Janet Yellen is pushing for borrowing against the future interest income from the frozen assets, which could provide Ukraine with as much as $50 billion immediately. However, European members have concerns about legal complexities and potential retaliation from Russia. The ministers also discussed China's production of green energy technology and its impact on the global economy. The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
#G7 #Ukraine #Russia #FrozenAssets #InternationalRelations
https://www.voanews.com/a/g7-officials-make-progress-on-money-for-ukraine-from-frozen-russian-assets-/7626650.html
Voice of America - VOA News /
npub1fn…9fzfc
2024-05-25 23:17:18
Author Public Key
npub1fn0gfyngcp8c9nap0y0fppuxxrvq76pyqckvk3vn3vagvp2lteks99fzfcPublished at
2024-05-25 23:17:18Event JSON
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"content": "G7 officials make progress on money for Ukraine from frozen Russian assets\n==========\n\nFinance officials from the Group of Seven (G7) rich democracies have made progress on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. The G7 ministers are working on potential avenues to bring forward the profits from immobilized Russian sovereign assets to benefit Ukraine. The final decision on how the assets will be used will be made by the G7 national leaders, including U.S. President Joe Biden, at their annual summit in June. European countries have a strong voice in the matter since most of the $260 billion in Russian central bank assets frozen after the 2022 invasion are held in their jurisdictions. European officials have concerns about outright confiscation of the money and plan to use the interest accumulating on the assets, which amounts to about $3 billion a year. U.S. Treasury Secretary Janet Yellen is pushing for borrowing against the future interest income from the frozen assets, which could provide Ukraine with as much as $50 billion immediately. However, European members have concerns about legal complexities and potential retaliation from Russia. The ministers also discussed China's production of green energy technology and its impact on the global economy. The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.\n\n#G7 #Ukraine #Russia #FrozenAssets #InternationalRelations\n\nhttps://www.voanews.com/a/g7-officials-make-progress-on-money-for-ukraine-from-frozen-russian-assets-/7626650.html",
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