The US Senate Foreign Affairs Committee approved a bill that would help Washington confiscate Russian assets and hand them over to Ukraine in compensation for the devastation caused by the Russian war. If the legislative bill,
On Restoration of Economic Prosperity and Opportunities for Ukrainians is passed by both the Senate and the House of Representatives and then signed by @POTUS , it will pave the way for the US’ first confiscation of assets belonging to the central bank of a country with which
@POTUS it is not at war. Senator Ben Cardin is optimistic that the bill will become law, noting that it has broad support from both Democrats and Republicans in the Senate and House of Representatives, as well as from the Biden administration.
FT:Western nations are actively exploring ways to seize 🇷🇺central bank assets to fund 🇺🇦as political disputes in the US & Europe threaten its flow of financial support. G7 officials have intensified talks in recent weeks on spending some of $300bn in immobilised🇷🇺sovereign assets
a radical step that would open a new chapter in the west’s financial warfare against Moscow.
The push comes as crucial financial aid packages for 🇺🇦worth more than $100bn faltered this week,as Republicans in the US Congress &Viktor Orbán took a stand against funding Kyiv
Seizing Russian assets could provide an alternative stream of funding for Kyiv, especially given the expected huge costs of postwar reconstruction.
Until now G7 govs have mostly balked at such a move, fearing that some foreign investors in dollar & euro assets would take flight
1/10 When I was a little girl in Kherson, now under Russian siege, a life like mine was unimaginable. In 2019, at 32 years old, I won a competition over 4K applicants to work as press-secretary to our new president @ZelenskyyUa. Never before had such a job been open to the public
2/10 I was 5 when my country became independent. Ukraine had never known freedom under the USSR, girls like me were told to keep quiet & expect little. Families without much, like mine, were unimportant. But Ukraine demanded freedom that is now under violent threat from autocracy
3/10That independence we now fight to retain brought opportunity. With @ZelenskyyUA’s support, I took my seat at the table with the most influential & powerful men in 🇺🇦, many of them confident that my voice was less important than theirs. But over time, their faces would change