FROZEN RUSSIAN ASSETS
Moscow warns of retaliation if income from its assets is seized
Leaders of the G7 agreed at a summit in Italy last week to use interest from Russian assets frozen in the West to provide a $50 billion loan to Ukraine. Russia says the action is illegal and will rebound against the West by undermining confidence in the global financial system.
US, Europe agree to lock up Russian assets until it pays for Ukraine war, clearing way for USD 50 billion loan
The United States and European countries have agreed to freeze sanctioned Russian assets until Moscow pays reparations for its invasion of Ukraine. This move paves the way for a USD 50 billion loan package for Kyiv, with interest and income from the frozen assets to secure the loan. The agreement, to be announced at the Group of Seven summit, includes a bilateral security agreement between the US and Ukraine. However, the US will not commit troops directly to Ukraine's defense.
Vladimir Putin says freezing of Russian assets in West is 'theft'
Russian President Vladimir Putin criticised the freezing of Russian assets abroad as "theft" and vowed to retaliate. G7 leaders agreed on a $50 billion loan for Ukraine using profits from frozen Russian assets, prompting US President Joe Biden to emphasize resolve against Russia. Putin accused Western countries of justifying their actions and warned of severe consequences, stating the nuclear standoff is nearing a critical point.
G7 leaders agree to lend Ukraine billions profited from Russia's frozen assets
President Biden and European leaders have agrees to provide Ukraine with a $50 billion loan using profits from frozen Russian assets. After the Russian invasion of Ukraine, the US and Europe froze $300 billion in Russian sovereign assets. Most of the Russian central bank ...
G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work
The Group of Seven leaders have reached a historic agreement to provide a $50 billion loan to support Ukraine in its ongoing conflict with Russia. This loan will be backed by interest earned on profits from Russia's frozen central bank assets, with details currently being finalized at the G7 summit in Italy. President Joe Biden hailed the agreement as a crucial step in providing sustainable support for Ukraine, while Ukrainian President Volodymyr Zelenskyy expressed gratitude for the international assistance.
G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
G7 finance officials are nearing an agreement on using frozen Russian assets to benefit Ukraine, with final decisions to be made at a June summit of national leaders.
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G7 will try to use frozen Russian assets to help Ukraine
The G7 froze some $300 billion of Russian assets shortly after Moscow invaded its neighbour in February 2022. "We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement said.
World Bank chief Ajay Banga open to managing G7 loan to Ukraine
World Bank President Ajay Banga is open to managing a fund for Ukraine, disbursing a G7 loan using earnings from frozen Russian assets for non-military purposes.
With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets
Ukraine's allies are debating how to use frozen Russian assets to support Kyiv's war effort amid Russia's territorial gains. The issue of $260 billion in Russian assets frozen abroad is a key concern at the G7 meeting in Italy.
G7 needs to stand united on Chinese overcapacity: France
French Finance Minister Bruno Le Maire highlights the need for G7 unity against China's overcapacity in electric car batteries and joint action on frozen Russian assets. Europe must boost growth to address US-Europe economic differences. France is ready to support a US proposal for Ukraine.
EU signs off on using Russian asset profits for Ukraine
The European Union on Tuesday formally approved using the profits from frozen Russian central bank assets to arm Ukraine, as the United States presses for a more ambitious plan. The final approval of the EU scheme, after months of legal wrangling, comes as the United States and Britain are pushing for a more far-reaching plan at the G7.
5 world market themes for the week ahead
Markets are hoping for evidence that will solidify a brightening global economic outlook, though rising trade tensions are casting a cloud, while G7 finance ministers gather in Italy.
France estimates 150,000 Russian soldiers killed in Ukraine war: Minister
French Foreign Minister Stephane Sejourne revealed in an interview that France estimates 150,000 Russian soldiers have died in the ongoing war in Ukraine, with total Russian casualties, including wounded, reaching 500,000. He criticized Russia's military actions, questioning the purpose of the conflict. Russia has not disclosed its casualty figures. The conflict, now in its third year, has strained Russia's relations with the West. Sejourne also mentioned that frozen Russian assets in the EU could be used to support Ukraine's defense and reconstruction efforts, generating nearly 4 billion euros in revenue in 2023.
Russia threatens West with severe response if its assets are touched
Russian Foreign Ministry spokeswoman Maria Zakharova said Russia would never cede territories seized from Ukraine in exchange for the return of frozen assets, while Kremlin spokesman Dmitry Peskov said in a separate comment that there was still a lot of Western money in Russia which could be targeted by Moscow's counter-measures.
G7 powers to boost Ukraine air defences in face of Russian strikes
G7 powers are determined to bolster Ukraine's air defences, their foreign ministers said on Friday after repeated Russian air strikes which have wrecked power infrastructure and killed hundreds. The Group of Seven major powers -- Italy, Canada, France, Germany, Japan, Britain, the United States and European Union representatives -- has been fiercely critical of Russia's two-year long invasion of Ukraine.
Western powers tangle over Russian assets at G20 finance meeting
G20 finance ministers debated frozen Russian assets, with the US and France disagreeing on their handling. Divisions over war in Ukraine and Gaza caused further disagreements. Brazil's G20 presidency focuses on sustainable development, combating inequalities, and the fight against inflation.
Moves to unlock value of frozen Russian assets 'necessary and urgent': Janet Yellen
U.S. Treasury Secretary Janet Yellen, speaking at a news conference ahead of meetings with her G7 and G20 counterparts, said the U.S. and its allies were evaluating different options for some $285 billion in Russian assets immobilized in 2022 and the associated risks.
UK sanctions heads of Arctic penal colony where Alexei Navalny died
Western leaders have expressed outrage at the news from Russian authorities that Navalny, President Vladimir Putin's most prominent domestic critic, had fallen unconscious and died in prison on Friday.
Russia warns the West: We will be very tough if you 'steal' our assets
Russia has warned the West that Moscow would respond very toughly if the US and EU seize hundreds of billions of dollars worth of Russian assets. This comes after the US and its allies blocked around $300 billion of sovereign Russian assets in the West in response to Russia's actions in Ukraine.
Putin clears Rosbank's purchase of Societe Generale's Russian assets
Russian President Vladimir Putin has signed a decree allowing Rosbank to purchase stakes in leading Russian companies owned by Societe Generale. The decree allows Rosbank to buy SocGen's stakes in energy producers, metals companies, and other leading Russian blue chip firms. The bank had an exposure of 22.4 billion euros to Russia as of end-June 2021.
Russia tries to unfreeze gold reserves for climate funds at COP28
Russia said on Saturday it was looking into whether its frozen gold reserves, taken after Russia invaded Ukraine, could be used to fund the climate damage fund to help developing countries.
India asks US to allow release of funds frozen over suspected Russia diamond link
India has asked the U.S. to allow the release of $26 million belonging to at least two Indian diamond firms that was frozen due to their alleged trade links with sanctioned Russian diamond major Alrosa. The freeze is the first known punitive sanctions measure against any Indian business since Russia's full-scale invasion of Ukraine last year and subsequent Western sanctions on Russian entities.
India asks US to release funds frozen over suspected Russia diamond link: Sources
India has requested the US to release $26 million frozen by the Office of Foreign Assets Control (OFAC) due to alleged trade links with sanctioned Russian diamond firm Alrosa. The frozen funds were being transferred by UAE-based units of Indian diamond firms to buy rough diamonds, but it is unclear whether the money was meant for Alrosa or another party.
Are West's economic sanctions against Russia actually working?
Western pundits predicted that Russia would not be able to tame inflation without falling into a recession. Despite a steep depreciation of the Russian rouble - from 70 roubles to a dollar before the invasion to 95 roubles to a dollar in August 2023 - its inflation has been under control. It has an inflation rate of 7.6%, which is high but comparable to recent inflation in many countries - for instance, US inflation last year and Britain's current rate.
US freezes $26-m fund transfers by Indian diamantaires
Offshore subsidiaries of Indian diamond merchants have had fund transfers worth almost $26m frozen after US authorities claimed the rough diamonds were mined in Russia. The Office of Foreign Assets Control (OFAC) singled out UAE subsidiaries of Indian jewellers it claims have connected suppliers with Russian investors.
Kyiv weathers 'unprecedented' wave of Russian missiles
The defence ministry said Russian forces had launched 30 cruise missiles from land, sea and air, targeting several regions and killing one person in the southern port of Odesa and another in the northeastern region of Kharkiv.
Ukrainian president says counteroffensive does not aim to attack Russian territory
Ukrainian President Volodymyr Zelenskyy said on Sunday that his country is preparing a counteroffensive designed to liberate areas occupied by Russia, not to attack Russian territory. Speaking during a news conference with German Chancellor Olaf Scholz in Berlin, Zelenskyy said Ukraine's goal is to free the territories within its internationally recognized borders.
3 Russian investors register with Sebi to enter FPI list
Two Russian institutional entities and an individual, all based in Moscow, appear in the list of registered foreign portfolio investors (FPIs) with the Securities and Exchange Board of India (Sebi), as per information shared by the National Securities Depository Limited.
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