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11mo ago

Debate Intensifies Over Using Frozen Russian Assets to Aid Ukraine

G7 finance ministers explore complex legal and political challenges in leveraging $300 billion for Ukraine's war effort.

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BRUSSELS, BELGIUM - MAY 13: 2 Ukrainian women holds panels during a demonstration organised by Promote Ukraine International Center for Ukrainian Victory (ICUV) near the Belgium Parliament on May 13, 2024 in Brussels, Belgium. Promote Ukraine asserts that the Russian Central Bank holds approximately $210 billion within the EU, primarily in Belgium. The organization believes, "these funds are most rightful to use for strengthening Ukraine's air defense without prolongation." (Photo by Thierry Monasse/Getty Images)
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Overview

  • EU and U.S. officials discuss extracting 'windfall profits' from frozen Russian assets to support Ukraine.
  • The U.S. proposes issuing new debt for Ukraine, repaid by profits from immobilized Russian assets.
  • EU member countries express concerns over legal stability and potential political risks.
  • Ukraine's financial needs are urgent as it struggles with budget deficits and battlefield losses.
  • G7 leaders will continue discussions at their June summit to reach a consensus.