The United States, together with its partners, is trying to quickly agree on a plan to confiscate $300 billion in frozen Russian assets by the second anniversary of the full-scale invasion of the Russian Federation on February 24, 2024.
Ukraine may soon receive the first part of the Russian frozen assets
According to the Financial Times, no official decision has been made yet.
Today, discussions are ongoing between the United States and its allies in the Group of Seven.
Despite this, according to journalists, the acceleration of work on confiscating Russian assets in Ukraine emphasizes its growing importance for the West.
Both G7 finance ministers and their deputies are working on solving this problem.
The US, with the support of the UK, Japan and Canada, has offered to continue preparatory work so that options are ready for a potential meeting of G7 leaders around February 24.
Currently, Ukrainian partners continue legal issues related to the confiscation.
First, it is about the methods of applying such policies and mitigating risks, as well as options for how best to direct support to Ukraine.
What problems may arise during the confiscation process of Russian frozen assets
According to journalists, many countries still express their reservations on this matter.
For example, these are Germany, France, Italy and the EU authorities.
They call for a comprehensive assessment of the legality of confiscating Moscow's assets and not to make a hasty decision. If they are listened to, the process can be significantly delayed.
In addition, in Brussels, they ask to maintain a high level of secrecy of this work.
Various options are being considered in Western capitals, ranging from direct confiscation and spending of Russian central bank assets, to receiving income from frozen assets or using them as collateral for obtaining loans.
According to the publication, the European Union is not yet seizing the Russian assets themselves but is studying ways to take the profits received by financial institutions, such as Euroclear, where sovereign assets worth 191 billion euros are stored.
