UK to Return Russian Funds It Is "so generously giving away," Says Moscow
State Duma Speaker Vyacheslav Volodin has criticized the UK for its decision to transfer proceeds from Russia's sovereign assets to Kiev. Read Full Article at RT.com.
TroibNews 
Russian State Duma Speaker Vyacheslav Volodin has stated that transferring Russia’s sovereign assets to Kiev constitutes a serious breach of international law.
Volodin’s comments follow the UK’s action of transferring proceeds from Russia’s frozen central bank funds to Ukraine, which he described as an overt violation of international law. On Friday, Ukrainian Prime Minister Denis Shmigal announced that Ukraine had received its first tranche of approximately $1 billion from the UK, derived from these Russian assets. He indicated that these funds would be utilized for "strengthening" Ukraine's defense and expressed optimism that all frozen Russian assets would be "confiscated and transferred" to Kiev.
During a press briefing later that day, Volodin remarked that Britain “will have to give back to Russia what they are now so generously giving away,” suggesting that Moscow has "every reason to respond in kind." He further cautioned that the actions taken by London would "undermine confidence" in its financial system by violating "the principle of property inviolability, a cornerstone of the global financial system."
In response to the escalation of the Ukraine conflict in 2022, Western nations froze approximately $300 billion of Russian central bank assets. Of this amount, more than $200 billion is believed to be held at the Brussels-based clearinghouse Euroclear, with up to $30 billion located in the UK.
These frozen assets have already accrued billions in interest, with Euroclear having directly transferred over $1 billion to Ukraine last July. Kiev has been urging its Western allies to appropriate these assets to support its military and reconstruction initiatives.
The situation highlights a division among Western countries regarding the management of the frozen assets. Numerous EU nations are hesitant to use the reserves directly, preferring instead to utilize the interest generated. Concerns have been raised that seizing these assets could adversely affect the Western financial system and diminish trust in the euro. Additionally, the International Monetary Fund has cautioned that any appropriation of these funds without a clear legal framework could jeopardize global confidence in Western financial institutions.
The Kremlin has persistently condemned the asset freeze as "theft" and has threatened legal action against those involved in the seizure of the assets.
Navid Kalantari contributed to this report for TROIB News
Volodin’s comments follow the UK’s action of transferring proceeds from Russia’s frozen central bank funds to Ukraine, which he described as an overt violation of international law. On Friday, Ukrainian Prime Minister Denis Shmigal announced that Ukraine had received its first tranche of approximately $1 billion from the UK, derived from these Russian assets. He indicated that these funds would be utilized for "strengthening" Ukraine's defense and expressed optimism that all frozen Russian assets would be "confiscated and transferred" to Kiev.
During a press briefing later that day, Volodin remarked that Britain “will have to give back to Russia what they are now so generously giving away,” suggesting that Moscow has "every reason to respond in kind." He further cautioned that the actions taken by London would "undermine confidence" in its financial system by violating "the principle of property inviolability, a cornerstone of the global financial system."
In response to the escalation of the Ukraine conflict in 2022, Western nations froze approximately $300 billion of Russian central bank assets. Of this amount, more than $200 billion is believed to be held at the Brussels-based clearinghouse Euroclear, with up to $30 billion located in the UK.
These frozen assets have already accrued billions in interest, with Euroclear having directly transferred over $1 billion to Ukraine last July. Kiev has been urging its Western allies to appropriate these assets to support its military and reconstruction initiatives.
The situation highlights a division among Western countries regarding the management of the frozen assets. Numerous EU nations are hesitant to use the reserves directly, preferring instead to utilize the interest generated. Concerns have been raised that seizing these assets could adversely affect the Western financial system and diminish trust in the euro. Additionally, the International Monetary Fund has cautioned that any appropriation of these funds without a clear legal framework could jeopardize global confidence in Western financial institutions.
The Kremlin has persistently condemned the asset freeze as "theft" and has threatened legal action against those involved in the seizure of the assets.
Navid Kalantari contributed to this report for TROIB News
