EU unveils plan to leverage \u20ac170bn of frozen Russian money \u2013 FT<\/a><\/figcaption><\/figure>\n<\/blockquote>\n“When some countries start to disrespect international laws… this is the beginning of a total chaos. So we will respect international law. We are predictable, and we will not do all impossible things with these frozen assets,”<\/em> he added, recalling that Kiev’s Western backers are already using proceeds from the frozen assets to prop up Ukraine.<\/p>\nThroughout the conflict, Western policymakers have considered seizing Russian assets – most of which fall under EU jurisdiction – but have so far refrained due to the lack of a legal basis and fears it would damage global trust.<\/p>\n
Last year, however, G7 nations supported a $50 billion loan to Ukraine secured by the income from Russian reserves. Western nations have also directly handed over to Kiev approximately $4.3 billion in proceeds from Russian assets. This month, the EU Commission floated a proposal to use Russian assets to back a reparation loan to Ukraine, which Kiev would be obligated to repay only if it receives “compensation”<\/em> for damages from Moscow.<\/p>\nRussia has denounced both the freeze and the profit-transfer scheme as “theft,”<\/em> warning that confiscation would damage the global financial system and trigger retaliation from Moscow.<\/p>\n","protected":false},"excerpt":{"rendered":"Ignoring international law would lead to \u201cthe beginning of total chaos,\u201d the French president has said French President Emmanuel Macron has pushed back against the idea of seizing frozen Russian assets, warning that doing so could backfire on the West and undermine global stability. In an interview with CBS’s Face…<\/p>\n
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