Russia plans to take earnings from frozen Western assets, says finance minister
Moscow plans to implement a symmetrical response to the alleged “theft” of its sovereign funds, as stated by Anton Siluanov. Read Full Article at RT.com.
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According to Finance Minister Anton Siluanov, Russia will respond in a reciprocal manner to the West's utilization of income generated from its frozen central bank reserves.
Since the intensification of the Ukraine conflict in February 2022, the US and its allies have blocked approximately $300 billion in assets belonging to the Russian central bank. The majority of these funds, about €197 billion, are held at Euroclear, a clearinghouse based in Brussels. Recently, Washington announced its decision to use the proceeds from these frozen assets to repay a substantial loan to Ukraine.
“If Western countries have begun utilizing the income from the frozen Russian reserves, we will do exactly the same,” Siluanov remarked during a press conference on Thursday. He continued, “We have frozen money from ‘unfriendly’ companies and organizations. We keep this money in our accounts in the same way and will use the income from these assets similarly.”
Siluanov indicated that the income derived from these funds would serve “the needs of the economy, the needs of the constituent entities of the Russian Federation,” noting that relevant decisions have already been taken.
On Wednesday, the US announced plans to provide Ukraine with a $20 billion loan as part of a larger $50 billion G7 aid package. President Joe Biden stated that utilizing profits from the blocked Russian assets would enable assistance to Ukraine “without burdening taxpayers.”
Additionally, a day prior, the European Parliament supported the allocation of up to €35 billion in loans for Ukraine, using the immobilized Russian assets as collateral for repayments. As reported by Euroclear, the frozen funds had accrued €3.4 billion in interest as of mid-July.
Russia has consistently cautioned that the seizure of its assets constitutes “theft” and breaches international law, potentially destabilizing reserve currencies, the global financial system, and the world economy.
Concerns have also been raised by the International Monetary Fund regarding the possibility that such actions could erode trust in the Western financial system. Siluanov previously warned that global entities are observing the situation surrounding the Russian assets and forming their own assessments.
While the finance minister did not specify the amount of Western assets held in Russia, earlier estimates by RIA Novosti suggested that the figure is roughly equivalent to the value of Russian funds frozen abroad. The news agency stated that total foreign direct investments in the Russian economy from the EU, G7, Australia, and Switzerland reached approximately $288 billion by the end of 2022.
Mark B Thomas for TROIB News
Since the intensification of the Ukraine conflict in February 2022, the US and its allies have blocked approximately $300 billion in assets belonging to the Russian central bank. The majority of these funds, about €197 billion, are held at Euroclear, a clearinghouse based in Brussels. Recently, Washington announced its decision to use the proceeds from these frozen assets to repay a substantial loan to Ukraine.
“If Western countries have begun utilizing the income from the frozen Russian reserves, we will do exactly the same,” Siluanov remarked during a press conference on Thursday. He continued, “We have frozen money from ‘unfriendly’ companies and organizations. We keep this money in our accounts in the same way and will use the income from these assets similarly.”
Siluanov indicated that the income derived from these funds would serve “the needs of the economy, the needs of the constituent entities of the Russian Federation,” noting that relevant decisions have already been taken.
On Wednesday, the US announced plans to provide Ukraine with a $20 billion loan as part of a larger $50 billion G7 aid package. President Joe Biden stated that utilizing profits from the blocked Russian assets would enable assistance to Ukraine “without burdening taxpayers.”
Additionally, a day prior, the European Parliament supported the allocation of up to €35 billion in loans for Ukraine, using the immobilized Russian assets as collateral for repayments. As reported by Euroclear, the frozen funds had accrued €3.4 billion in interest as of mid-July.
Russia has consistently cautioned that the seizure of its assets constitutes “theft” and breaches international law, potentially destabilizing reserve currencies, the global financial system, and the world economy.
Concerns have also been raised by the International Monetary Fund regarding the possibility that such actions could erode trust in the Western financial system. Siluanov previously warned that global entities are observing the situation surrounding the Russian assets and forming their own assessments.
While the finance minister did not specify the amount of Western assets held in Russia, earlier estimates by RIA Novosti suggested that the figure is roughly equivalent to the value of Russian funds frozen abroad. The news agency stated that total foreign direct investments in the Russian economy from the EU, G7, Australia, and Switzerland reached approximately $288 billion by the end of 2022.
Mark B Thomas for TROIB News
