The United States invited the G7 countries to transfer Russia’s frozen assets to Ukraine.
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This could be an “advance” for compensation for war damage. Money can be transferred through the World Bank or the European Bank for Reconstruction and Development. Washington believes that the transfer of assets could become a “countermeasure” that complies with international law and “encourages the Russian Federation to stop its aggression.” This was reported by the Financial Times.
However, there are also opponents of such an initiative, who believe that it will undermine trust and international order. They note that the frozen reserves of the Central Bank of Russia are protected by international law and their confiscation will have consequences. It will also send a signal to, for example, China and Saudi Arabia that their assets in euros or dollars are not protected.
The FT notes that there is currently no legal mechanism for using sovereign assets to rebuild Ukraine, so the US, along with European partners, is still working on this issue.
Let us recall that in the 12th package of sanctions against Russia, the European Union for the first time prescribed a mechanism for the confiscation of private frozen Russian assets. This money was allowed to be sent to European companies from which Moscow took away property on the territory of the aggressor country.
Source: Financial Times
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.