03.05.2024, 18:16
The FT reported on the G7's rejection of the idea of a complete confiscation of Russian assets
Source: OREANDA-NEWS
The issue of the complete confiscation of Russian frozen assets is no longer on the agenda of the G7, including due to fears of retaliatory measures, the Financial Times reports, citing officials from these countries.
Although Ukraine continues to demand the complete confiscation of Russian assets, G7 officials privately say that this issue is no longer being considered, the newspaper writes. Instead, they are exploring alternative ways to extract funds from frozen assets.
The FT emphasizes that European countries want to avoid the application of measures that involve the Russian assets themselves, "fearing retaliatory steps." The G7 and a number of other countries are also afraid of accusations of committing "any step that could amount to a violation of international law."
"From a legal point of view, this is unwise," Armin Steinbach, professor of law and economics at the Paris Graduate School of Commerce, told the publication.
OREANDA-NEWS The White House is promoting a new idea in order to "get around this problem." According to Dalip Singh, Deputy National Security Adviser to the US President, the proposal provides for the allocation of about $50 billion to finance Ukraine in the form of a loan or bonds, which will cover future profits from frozen assets of Russia.
Earlier, Bloomberg, citing sources, reported that some G7 members, including Germany and France, reacted cautiously to this idea. Nevertheless, the FT notes, the United States expects that the "seven" will support this idea in June at the summit in Italy.
At the end of April, US Secretary of State Anthony Blinken said that the G7 countries were continuing to work on agreements on the use of Russian frozen assets for Ukraine in accordance with international law, and this would happen "sooner or later."
"It is important to be able to use these assets to help rebuild Ukraine. One way or another, it will happen sooner or later," Blinken said following the meeting of the G7 foreign ministers in Capri.
The president of the European Central Bank, Christine Lagarde, said at an event in Washington that the US proposal to use frozen Russian assets worth over $260 billion to issue bonds and direct the funds raised to help Ukraine carries legal risks.
"I have seen four different schemes or proposals to circumvent what many lawyers consider to be a very serious legal obstacle, and this may be regarded as a violation of international law," Lagarde noted.
Although Ukraine continues to demand the complete confiscation of Russian assets, G7 officials privately say that this issue is no longer being considered, the newspaper writes. Instead, they are exploring alternative ways to extract funds from frozen assets.
The FT emphasizes that European countries want to avoid the application of measures that involve the Russian assets themselves, "fearing retaliatory steps." The G7 and a number of other countries are also afraid of accusations of committing "any step that could amount to a violation of international law."
"From a legal point of view, this is unwise," Armin Steinbach, professor of law and economics at the Paris Graduate School of Commerce, told the publication.
OREANDA-NEWS The White House is promoting a new idea in order to "get around this problem." According to Dalip Singh, Deputy National Security Adviser to the US President, the proposal provides for the allocation of about $50 billion to finance Ukraine in the form of a loan or bonds, which will cover future profits from frozen assets of Russia.
Earlier, Bloomberg, citing sources, reported that some G7 members, including Germany and France, reacted cautiously to this idea. Nevertheless, the FT notes, the United States expects that the "seven" will support this idea in June at the summit in Italy.
At the end of April, US Secretary of State Anthony Blinken said that the G7 countries were continuing to work on agreements on the use of Russian frozen assets for Ukraine in accordance with international law, and this would happen "sooner or later."
"It is important to be able to use these assets to help rebuild Ukraine. One way or another, it will happen sooner or later," Blinken said following the meeting of the G7 foreign ministers in Capri.
The president of the European Central Bank, Christine Lagarde, said at an event in Washington that the US proposal to use frozen Russian assets worth over $260 billion to issue bonds and direct the funds raised to help Ukraine carries legal risks.
"I have seen four different schemes or proposals to circumvent what many lawyers consider to be a very serious legal obstacle, and this may be regarded as a violation of international law," Lagarde noted.
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