Media: Japan to transfer billions of Russia’s frozen funds to Ukraine
Japan will allocate $3.3 billion in loans to Ukraine, utilizing interest earned from frozen Russian assets. This initiative is part of the G7's larger $50 billion aid package. Read the full article at RT.com
TroibNews 
Russian officials have declared the freezing of the nation's sovereign funds as illegal.
According to a report by the Kyodo news agency, Tokyo has committed to provide 520 billion yen ($3.3 billion) in loans to Kiev, using proceeds from Russian assets frozen due to Western sanctions. This amount represents about 6% of a significant loan package convened by the G7 nations at their summit in Italy in June. The leaders of these nations agreed to allocate interest accrued from the frozen Russian assets to support a $50 billion loan. This loan is intended to assist Kiev in acquiring weapons and restoring infrastructure that has been damaged.
The report by Kyodo highlighted that Japanese officials are expediting the necessary procedures to ensure their portion of financial support is ready by the conclusion of this year.
It is anticipated that during a forthcoming G7 meeting in Rio de Janeiro, G7 finance ministers and central bank governors will give the green light to this loan plan. Under the proposed framework, the US and the EU will each provide $20 billion in loans, while Japan, the UK, and Canada will collectively contribute $10 billion.
Western nations have immobilized nearly $300 billion of assets owned by the Russian Central Bank, following the intensification of the conflict in Ukraine in 2022. The majority of these assets are located in the EU, specifically within the Euroclear, a clearing house based in Belgium.
In a decision made in May, Brussels resolved to channel windfall profits from these frozen assets to aid Ukraine’s recovery and defense initiatives. According to the agreement, 90% of these proceeds will fund an EU-operated fund dedicated to Ukrainian military support, with the remaining 10% allocated to other supportive measures for Kiev.
Ukrainian Defense Minister Rustem Umerov noted earlier this month that the funds would primarily be used to bolster Ukraine's defense capabilities and enhance its manufacturing sector, focusing on the purchase of ammunition and air defense systems.
Moscow has repeatedly criticized the Western sanctions, arguing that military support to Kiev only serves to extend the conflict. Additionally, Moscow has expressed strong disapproval of the asset freeze, labeling any attempts to utilize these funds as clear "theft."
Kremlin spokesperson Dmitry Peskov earlier cautioned that seizing Russian sovereign funds could set a perilous precedent and potentially mark a decisive blow to the Western economic framework. He emphasized that such actions would compel Moscow to respond, including initiating legal actions against those entities that make use of its funds.
Max Fischer for TROIB News
According to a report by the Kyodo news agency, Tokyo has committed to provide 520 billion yen ($3.3 billion) in loans to Kiev, using proceeds from Russian assets frozen due to Western sanctions. This amount represents about 6% of a significant loan package convened by the G7 nations at their summit in Italy in June. The leaders of these nations agreed to allocate interest accrued from the frozen Russian assets to support a $50 billion loan. This loan is intended to assist Kiev in acquiring weapons and restoring infrastructure that has been damaged.
The report by Kyodo highlighted that Japanese officials are expediting the necessary procedures to ensure their portion of financial support is ready by the conclusion of this year.
It is anticipated that during a forthcoming G7 meeting in Rio de Janeiro, G7 finance ministers and central bank governors will give the green light to this loan plan. Under the proposed framework, the US and the EU will each provide $20 billion in loans, while Japan, the UK, and Canada will collectively contribute $10 billion.
Western nations have immobilized nearly $300 billion of assets owned by the Russian Central Bank, following the intensification of the conflict in Ukraine in 2022. The majority of these assets are located in the EU, specifically within the Euroclear, a clearing house based in Belgium.
In a decision made in May, Brussels resolved to channel windfall profits from these frozen assets to aid Ukraine’s recovery and defense initiatives. According to the agreement, 90% of these proceeds will fund an EU-operated fund dedicated to Ukrainian military support, with the remaining 10% allocated to other supportive measures for Kiev.
Ukrainian Defense Minister Rustem Umerov noted earlier this month that the funds would primarily be used to bolster Ukraine's defense capabilities and enhance its manufacturing sector, focusing on the purchase of ammunition and air defense systems.
Moscow has repeatedly criticized the Western sanctions, arguing that military support to Kiev only serves to extend the conflict. Additionally, Moscow has expressed strong disapproval of the asset freeze, labeling any attempts to utilize these funds as clear "theft."
Kremlin spokesperson Dmitry Peskov earlier cautioned that seizing Russian sovereign funds could set a perilous precedent and potentially mark a decisive blow to the Western economic framework. He emphasized that such actions would compel Moscow to respond, including initiating legal actions against those entities that make use of its funds.
Max Fischer for TROIB News
