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West to lock up Russian assets until it pays for Ukraine war

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West to lock up Russian assets until it pays for Ukraine war
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Borgo Egnazia/Italy: Putting more pressure on Russia, the United States and Europe have decided to seal sanctioned Russian assets until Moscow pays reparations for its invasion of Ukraine, the Associated Press reported.

The move clears the way for leaders to announce a USD 50 billion loan package for Kyiv at the Group of Seven summit, where President Joe Biden is set to sign a security agreement with Ukraine's Volodymyr Zelenskyy.

The highly anticipated agreement will leverage interest and income from the more than USD 260 billion in frozen Russian assets, largely held in Europe, to secure a USD 50 billion loan from the US and additional loans from other partners.

The first disbursements will be made this year, but it will take time for Ukraine to use all the money, an official said. The official spoke on the condition of anonymity to preview the agreement, which will be included in the G7 leaders' communique on Friday.

The leaders' statement will also leave the door open to confiscating the Russian assets entirely, for which the allies have yet to secure the political will, largely citing legal and financial stability concerns.

Biden will meet on Thursday with Zelenskyy to discuss a bilateral security agreement between the US and Ukraine, as the international group of wealthy democracies has been looking for new ways to bolster Ukraine's defences against Russia.

It comes several months after the White House broke through a logjam in Congress that stalled the approval of some USD 60 billion in US aid for Ukraine. The delay gave Russia time to make up ground on the battlefield.

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TAGS:USEuropeRussiaUkraine war
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