Kiev wants access to $50 billion from Russian central bank assets frozen by mostly European banks after Moscow’s assault in February 2022.
Europe ’s biggest armed conflict since World War II has put a big dent in the economy of Ukraine, which will spend half of its $87 billion budget on defence in 2024. Photo: ReutersKiev is eyeing access to an estimated $50 billion from Russia n central bank assets frozen by mostly Europe an banks after Moscow sent troops into Ukraine in February 2022.
Europe’s biggest armed conflict since World War II – now into its 30 months – has put a big dent in the economies of both Russia and Ukraine, but it is the smaller nation which is feeling the pinch more on its economy.Experts put the onus on Ukraine’s Western allies to help it financially to keep its economy going amid the prolonged war.
Such investments by central banks count towards their foreign exchange reserves and help ensure stability in currency markets at home. Outright confiscation of Russian assets or their profits on the pretext that Moscow is waging war against a Western ally can potentiallythe West against using its frozen assets or their profits to help Ukraine, saying it would be “illegal” and cause “years of litigation”.
Ukraine is getting doubly impatient over the slow progress on the G7 plan because a team from the International Monetary Fund will visit Kiev next week to review an ongoing loan programme.a $15.6 billion bailout package for Ukraine. That was the first time in its 80 years of existence that the Washington-based lender approved a loan for a country at war.
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