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Putin considers the use of frozen Russian assets theft

Russian President Vladimir Putin this Friday classified the freezing of Russian assets in the West and their use to help Ukraine resist Russia as “theft” and promised to respond.

“Western countries have frozen part of Russia’s assets and foreign exchange reserves. And now they are thinking about the legal basis to finally take possession of them. Even if we embellish the situation, theft is still theft and will not go unpunished,” Putin said representatives of the Russian Foreign Ministry .

On Thursday in Puglia, in the Bari region of southeastern Italy, the group of seven of the world’s most industrialized countries, the G7, reached an agreement to provide Ukraine with a loan of $50 billion (about 46 billion euros), which will be financed by interest. received from Russian central bank assets frozen in the European Union (EU), and which will arrive in Kiev before the end of this year.

The agreement was reached by the bloc’s negotiators known as “Sherpas” and must now be formally approved by each leader, according to a source associated with the G7, who added that no agreement is expected. be blocked by any of the participants.

The meeting of the G7, an organization that includes the United States, France, Germany, Japan, Canada, the United Kingdom and Italy (the latter has a rotating presidency), also included Pope Francis and heads of state and government from Brazil, Algeria, India, Kenya, Tunisia and Turkey , as well as from the President of Ukraine Vladimir Zelensky.

At a press conference on Thursday evening, Russian Foreign Ministry spokeswoman Maria Zakharova noted that Russia had already threatened the EU with “extremely painful” measures following the G7 agreement.

“Russia has enough European property and assets that the inevitable Russian response will be extremely painful for Brussels,” he warned.

Zakharova stated that “the allocation in practice of funds stolen from Russia for the military adventure of the Kyiv regime and its sponsors is criminal and cynical.”

“Such a measure will not bring anything good to the West. Illegal initiatives related to the supply of money to Kyiv at the expense of others are doomed to cause permanent imbalance in the financial system and destructive crises,” he warned.

He even emphasized that the greatest risk would fall on the EU, “which will face, for example, capital flight (…) as investor funds from most of the world will be withdrawn from European countries.”

Since the outbreak of Russia’s war in Ukraine in February 2022, Russian authorities have threatened Western powers with confiscation of their assets in their country if they use funds frozen in Moscow to meet Ukrainian needs.

€260 billion worth of Russian central bank funds are frozen worldwide, most of which are in Belgium and which were frozen following Russia’s invasion of Ukraine on February 24, 2022.

These 260 billion euros of frozen Russian assets generate about 3 billion euros in interest per year, but this amount is not enough for Kyiv: it will only cover the funding needs of the Ukrainian government for one month.

The G7 has therefore decided to use future interest as collateral for a loan to Ukraine, which will be financed mainly by the United States and which is intended to help Zelensky rebuild the country and buy more weapons.

Russia invaded Ukraine on February 24, 2022, arguing it was protecting pro-Russian separatist minorities in the east and “denazifying” the neighboring country, independent since 1991 – after the collapse of the former Soviet Union – and which has been pushed aside. leave the space of Moscow’s influence and become closer to Europe and the West.

The war in Ukraine has already resulted in tens of thousands of deaths on both sides, and the two warring sides remain adamant about their territorial positions and are not ready to negotiate concessions.

Recent months have been marked by large-scale Russian airstrikes on Ukrainian cities and infrastructure, while Kyiv’s forces have struck targets in Russian territory near the border and on the Crimean peninsula, illegally annexed in 2014.

Already in the third year of the war, the Ukrainian Armed Forces faced a shortage of soldiers, weapons and ammunition, despite repeated promises of help from the Western allies.

Author: Lusa
Source: CM Jornal

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