Frozen billions of dollars
Sunak wants to send interest from Russian capital to Kiev
February 25, 2024, 12:52 p.m
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In the West, large sums of billions of Russian capital are frozen – which in turn generate considerable interest. British Prime Minister Rishi Sunak wants to give the proceeds to Ukraine. At the same time, he is calling for more arms deliveries.
Following the second anniversary of Russia’s attack on Ukraine, British Prime Minister Rishi Sunak has called for more decisive action from the West to support Kiev. Ukraine must receive more long-range weapons, more drones and ammunition, Sunak wrote in a guest article for the Sunday Times. Production in the defense industry in the West also needs to be boosted.
At the same time, Sunak spoke out in favor of a more energetic approach to frozen Russian capital. “It starts with the billions in interest accruing on these assets being sent to Ukraine,” the conservative politician wrote.
In a second step, legal ways would then have to be found within the framework of the leading Western industrial nations G7 to confiscate the assets themselves and pass them on to Ukraine. Sunak also called for further tightening of economic sanctions against Russia. “This war confronts the West with the fundamental question of whether we are prepared to stand up for freedom and security in Europe and beyond,” Sunak wrote.
Brussels wants to send income to Ukraine
EU officials in Brussels recently pointed out that it was only recently decided to confiscate proceeds from the custody of frozen Russian central bank funds for Ukraine. The agreed procedure envisages, as a first step, ensuring that the extraordinary income from the safekeeping of assets of the Russian Central Bank is kept separately. In a second step, it is planned to forward part of the funds to Ukraine. However, further legal texts still need to be developed for this.
According to estimates, a sum in the billions could be incurred every year, since, according to the Commission, more than 210 billion euros from the Russian Central Bank have been frozen in the EU and the income from the custody of the capital is constantly increasing.