EU, U.S. Push to Use Frozen Russian Assets to Aid Ukraine
The EU, led by its big three nations, is pushing Japan and the U.S. to utilise frozen Russian assets to aid Ukraine. The U.S. has already planned to transfer $5 billion, while the EU proposed a €140 billion 'reparations loan'. The next G7 meeting is set for October 15 in Washington.
The U.S. is pressuring the EU to use its stock of Russian central bank reserves. Meanwhile, the U.K. is considering using billions of pounds worth of sanctioned Russian cash to finance new loans to Kyiv. The EU plans to set aside €45 billion to repay a previous G7 loan to Ukraine. Canada aligns with the EU's initiative. However, the European Central Bank expresses concern about the impact of seizing Russian assets on the euro's credibility. Japan is cautious but may follow the U.S. lead.
The international community is exploring ways to utilise frozen Russian assets to support Ukraine. The upcoming G7 meeting will likely discuss these strategies further, with the EU, U.S., and other nations considering various approaches to aid Ukraine's financing.
