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Within days of the Russian invasion of Ukraine in February 2022 western countries moved to freeze Russian central bank funds in these countries. [1] [a] In March 2023 (prior to the destruction of the Kakhovka Dam) a joint assessment was released by the Government of Ukraine, the World Bank, the European Commission, and the United Nations, estimating the total cost of reconstruction and ...
The G7 countries plus the European Union announced in May 2023 that the approximately $300 billion (€275 billion) in Russian central bank assets that had been frozen in these countries would remain frozen "until Russia pays for the damage it has caused to Ukraine," [116] [119] and this was reaffirmed after the G7 meeting in December, 2023. [120]
Some Russian officials have suggested that if Russian assets are confiscated then foreign investors' assets stuck in special so-called type "C" accounts in Russia could face the same fate.
In late 2022, the Russian economy's relative resilience to Western sanctions was tested when financial sanctions seriously impacted Russia's VTB Bank, the country's No. 2 lender. VTB bank has frozen assets abroad worth around 600 billion roubles, and then purchased Otkritie FC Bank to make up for the loss.
Russian assets frozen in European accounts are generating billions of dollars in interest payments that could be diverted to help repair Ukraine’s war-torn economy — and the European Union ...
Ambassadors from European Union countries agreed on Wednesday to use windfall profits from Russian central bank assets frozen in the EU for Ukraine's defence, the Belgian government said.
Volodin said that of the $280 billion of Russian assets frozen abroad, only $5 to $6 billion was in the United States while about 210 billion euros ($224 billion) was in the European Union.
The REPO Act, which would authorize Biden to confiscate the frozen Russian assets in U.S. banks and transfer them to a special fund for Ukraine, is part of the foreign aid package that was stalled ...