Top banker says the West will not give back Russia's currency reserves
According to VTB CEO Andrey Kostin in an interview with Reuters, the EU and US plan to utilize all of Russia's frozen billions to support Ukraine. Read Full Article at RT.com
TroibNews 
Approximately $300 billion of Russian central bank assets have been frozen by Ukraine’s supporters as part of the sanctions against Moscow.
Andrey Kostin, the CEO of major Russian lender VTB, has predicted that the West will not return any of the Russian sovereign assets frozen due to the Ukraine conflict, according to Reuters.
Since 2022, the US and its allies have immobilized around $300 billion in assets belonging to the Russian central bank as part of sanctions tied to the situation in Ukraine. The funds held in the Brussels-based clearing house Euroclear have accrued billions in interest, which the EU has chosen to use for financing aid to Kiev.
Kostin remarked, “In the West, they say, let’s pay for the reconstruction of Ukraine from the reserves. And they will draw up such a bill that even the reserves will not be enough,” in an interview with Reuters published on Monday.
Antonio Costa, the new president of the European Council, announced on Sunday that the EU intends to continue providing economic and military aid to Ukraine over the next year, utilizing the interest earned from frozen Russian assets.
“Starting next month, we plan to provide, for a full year, every month, €1.5 billion [$1.58 billion] of assistance. This money comes from the proceeds of Russia’s frozen assets and can also be used for military purposes,” Costa stated during his initial visit to Kiev.
Earlier this year, the EU decided to allocate part of the interest generated from Russian assets to Ukraine. In July, the European Commission revealed plans to issue €1.5 billion in assistance, primarily for weapons. A second tranche, estimated to reach €1.9 billion, is expected to be disbursed in the spring.
In October, the European Parliament approved a loan of up to €35 billion to Ukraine, with repayment anticipated from future revenues generated by the frozen Russian assets. This loan is part of a broader package agreed upon by the Group of Seven in June to provide up to $50 billion in financial support to Kiev.
Approximately €210 billion in assets belonging to the Russian central bank are being held within the EU, while the US has yet to disclose the amount of funds it holds. According to calculations by Reuters, Russia had $67 billion in US dollar assets at the beginning of 2022.
Russia has repeatedly accused the West of “stealing” its funds. Finance Minister Anton Siluanov warned in October that Moscow would respond to the West’s use of income generated from its frozen central bank reserves. Last month, he noted that Russia would utilize income from the frozen assets belonging to Western investors.
While the finance minister did not specify the amount of Western assets held in Russia, earlier estimates by RIA Novosti suggested that this figure is roughly equivalent to the value of the Russian funds frozen overseas.
Navid Kalantari for TROIB News
Andrey Kostin, the CEO of major Russian lender VTB, has predicted that the West will not return any of the Russian sovereign assets frozen due to the Ukraine conflict, according to Reuters.
Since 2022, the US and its allies have immobilized around $300 billion in assets belonging to the Russian central bank as part of sanctions tied to the situation in Ukraine. The funds held in the Brussels-based clearing house Euroclear have accrued billions in interest, which the EU has chosen to use for financing aid to Kiev.
Kostin remarked, “In the West, they say, let’s pay for the reconstruction of Ukraine from the reserves. And they will draw up such a bill that even the reserves will not be enough,” in an interview with Reuters published on Monday.
Antonio Costa, the new president of the European Council, announced on Sunday that the EU intends to continue providing economic and military aid to Ukraine over the next year, utilizing the interest earned from frozen Russian assets.
“Starting next month, we plan to provide, for a full year, every month, €1.5 billion [$1.58 billion] of assistance. This money comes from the proceeds of Russia’s frozen assets and can also be used for military purposes,” Costa stated during his initial visit to Kiev.
Earlier this year, the EU decided to allocate part of the interest generated from Russian assets to Ukraine. In July, the European Commission revealed plans to issue €1.5 billion in assistance, primarily for weapons. A second tranche, estimated to reach €1.9 billion, is expected to be disbursed in the spring.
In October, the European Parliament approved a loan of up to €35 billion to Ukraine, with repayment anticipated from future revenues generated by the frozen Russian assets. This loan is part of a broader package agreed upon by the Group of Seven in June to provide up to $50 billion in financial support to Kiev.
Approximately €210 billion in assets belonging to the Russian central bank are being held within the EU, while the US has yet to disclose the amount of funds it holds. According to calculations by Reuters, Russia had $67 billion in US dollar assets at the beginning of 2022.
Russia has repeatedly accused the West of “stealing” its funds. Finance Minister Anton Siluanov warned in October that Moscow would respond to the West’s use of income generated from its frozen central bank reserves. Last month, he noted that Russia would utilize income from the frozen assets belonging to Western investors.
While the finance minister did not specify the amount of Western assets held in Russia, earlier estimates by RIA Novosti suggested that this figure is roughly equivalent to the value of the Russian funds frozen overseas.
Navid Kalantari for TROIB News
