Russian assets frozen in Euroclear, Ukraine's European partners do not dare to openly confiscate.
At the G7 summit in Italy they found a way to indirectly use the frozen assets of the Russian Central Bank in the amount of about 200 billion dollars stored in the Belgian financial company Euroclear.
Economic columnist Peter Coy wrote about this in his column for The New York Times.
In his publication, the analyst noted that the economic sanctions imposed by the West to punish Russia for the invasion of Ukraine do not have the desired effect.
At the same time, Russian assets frozen in Euroclear, Ukraine's European partners do not dare to openly confiscate in order to help our state resist Russian aggression.
“The G7 has said assets will remain frozen until Russia ends its invasion and pays reparations for the damage it has caused to Ukraine. But Ukraine is fighting for its life and needs money now, not later how the damage was done,” Peter Coy stressed. allies will jointly loan Ukraine $50 billion for the war effort, and the loan will be repaid using proceeds from Russian assets.
“I understand that the Europeans want their institutions to be seen as safe places to keep their money, but the solution is for the G7 to present a united front. If all G7 members act together to seize Russian assets, Russia and other potential criminals will not be able to confront one nation with another. Now is not the time for uncertainty,” the author of the column concluded. The G7 in Italy announced that a $50 billion loan to Ukraine would be provided by the United States, Canada, Great Britain and possibly “Japan, subject to constitutional restrictions.”
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