In a letter to Secretary of State Marco Rubio seen by Reuters on March 24, senators questioned the administration’s willingness to use all available financial tools to pressure Russia into ending its war against Ukraine.
"G7 decision that those assets are not going back to Russia unless Russia pays for its damages is something which is already decided. And it's important to stick with this decision," EU Economy and Trade Commissioner Valdis Dombrovskis said.
Negotiations will focus on establishing the legal and financial framework to seize Russian assets, despite opposition from some EU member states, particularly Belgium and Germany.
Ukraine has received the first tranche of 2.5 billion Canadian dollars (about $1.7 billion) from Ottawa under the G7's Extraordinary Revenue Acceleration (ERA) initiative.
The resolution, which carries symbolic significance, urges the European Union, NATO, and allied nations to boost political, economic, and military aid for Ukraine.
"I’m frustrated that it hasn’t happened, is the truth — and that money needs to be distributed, it needs to be used," U.K. Foreign Minister David Lammy said on March 9.
France will provide Ukraine with 195 million euros ($211 million) in military aid using the interest accrued from frozen Russian assets, French Defense Minister Sebastien Lecornu told La Tribune in an interview published March 8.
While Berlin and Paris had previously resisted full asset confiscation, they are now engaging in talks with European and G7 partners about potential mechanisms to use the funds.
"There are fears of negative consequences for the euro and the banking system," Polish Prime Minister Donald Tusk said on March 2.
The loan, which is part of the Group of Seven's (G7) Extraordinary Revenue Acceleration (ERA) credit initiative, was signed amid President Volodymyr Zelensky's visit to London to meet with U.K. Prime Minister Keir Starmer.
Europe has been left scrambling to find ways to boost defense spending and continue the flow of support to Ukraine after U.S. President Donald Trump made clear the continent won't be able to rely on Washington for its long-term security needs. The latest reports suggest that EU officials are
The European Union is discussing how to seize Russia’s frozen central bank assets to provide financial and military aid to Ukraine, as concerns grow that the United States may scale back its support.
Key developments on Feb. 21: * Russia wants to declare 'victory' over Ukraine on Feb. 24, Ukrainian intel claims * Zelensky is not 'important' to negotiations on ending war, Trump says * 'No appetite' for new Ukraine aid bill, US House speaker says * Trump's envoy Kellogg praises Zelensky as 'courageous leader' after talks
According to Reuters, one source familiar with Moscow discussions said Russia could agree to allocate up to two-thirds of frozen assets for Ukraine's reconstruction, provided accountability guarantees.
The EU must fund Ukraine with frozen Russian assets, strengthen borders, and boost defense spending, Polish Prime Minister Donald Tusk said on Feb. 20.
A draft law approved this week by the Russian government's legislative commission lays out the procedure for seizing foreign property in retaliation for freezing Russian assets abroad.
The U.S. Justice Department is shutting down a program that sanctioned Kremlin-linked oligarchs, launched in 2022, Attorney General Pam Bondi announced on Feb. 5.
Belgian clearing house Euroclear said in a statement on Feb. 5 that the second payment is expected to be made in March and should amount to approximately 2 billion euros.
The Justice Ministry has requested the Supreme Anti-Corruption Court to confiscate the assets of the Russian oil company Tatneft in Ukraine, Deputy Minister Iryna Bogatyk announced on Jan. 27.
The European Union will provide 35 billion euros ($36 billion) in financial assistance to Ukraine in 2025 through the G7 ERA credit initiative and the Ukraine Facility program, European Commission's vice-president and trade commissioner announced on Jan. 22.
The strategy reportedly aims to pressure Moscow by signaling the funds could only be reclaimed through negotiations with Ukraine.
Kyiv and Rome are discussing the possibility of purchasing Italian-made air defense systems and ammunition using profits from immobilized Russian assets, the Ukrainian Defense Ministry said on Jan. 11.
"This is the first tranche of funds from the European Union, secured through income from frozen Russian assets," Prime Minister Denys Shmyhal said.
President Volodymyr Zelensky previously offered U.S. President-elect Donald Trump for Ukraine to buy American weapons at the expense of $300 billion in frozen Russian assets, Zelensky revealed in an interview with American podcaster Lex Fridman published on Jan. 5.
The United States will provide Ukraine with $15 billion, backed by future revenues from frozen Russian assets, Ukrainian Prime Minister Denys Shmyhal announced on Dec. 30.
In a phone call with Japanese Prime Minister Shigeru Ishiba, Zelensky expressed his gratitude for Japan's previous aid to Ukraine, which has totaled $12 billion and "makes it possible to save thousands of lives."
This is the first tranche of the planned $20 billion that the U.S. intends to provide as part of the G7 initiative.
The Russian embassy in London criticized the U.K.'s plan to transfer more than two billion pounds ($2.5 billion) to Ukraine using frozen Russian assets, calling it a "fraudulent scheme."
Key developments on Dec. 20: * Russian An-72 military transport plane damaged in blast near Moscow, Ukraine's intel claims * Fire, casualties reported in Kyiv amid Russian missile attack * Ukraine charges Russian general with killing Reuters employee in Kramatorsk * Russia captures 'Uspenivka pocket,' Ukraine denies reports of failed breakout * Ukraine begins
The funding includes a $1 billion grant from the new $20 billion U.S. loan backed by frozen Russian assets. Another $1.05 billion is supported by the U.K. and Japan.
Key developments on Dec. 10: * US announces $20 billion loan for Ukraine as part of G7 initiative * Zelensky announces 'successful tests' of new Ukrainian missile * 70% of Ukrainians support 'West German' model for NATO accession, survey shows * Explosions heard in occupied Donetsk Oblast city, Russian proxies announce evacuation * Confusion over
The U.S. Treasury Department announced on Dec. 10 that it will provide $20 billion in loan assistance to Ukraine, marking its contribution to a broader $50 billion initiative supported by G7 countries.
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