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    Biden and Macron agree to use profits from frozen Russian assets for Ukraine

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     09.06.2024, 17:36
    French First Lady Brigitte Macron, French President Emmanuel Macron, US President Joe Biden and his wife Jill Biden. Photo:
    French First Lady Brigitte Macron, French President Emmanuel Macron, US President Joe Biden and his wife Jill Biden. Photo: PAP/EPA/CHRISTOPHE PETIT TESSON
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    U.S. President Joe Biden said on Sunday he and his French counterpart Emmanuel Macron reached an agreement on the use of profits from frozen Russian assets to help Ukraine.

    This initiative, backed by the Group of Seven nations and the European Union, aims to leverage these funds to provide significant financial support to Ukraine amid the ongoing conflict. The Group of Seven (G7) members and the European Union are exploring ways to utilize profits generated from immobilized Russian assets to secure substantial financial aid for Ukraine.

    These frozen assets, amounting to approximately €260 billion, are primarily held within the EU and generate €2.5 billion to 3.5 €billion annually in profit.
    The EU considers these profits as windfalls, not contractually owed to Russia, making them viable for this new financial strategy.

    The U.S.-led proposal involves channeling these profits into a steady revenue stream to support a $50 billion (€46 billion) loan for Ukraine. This loan would provide immediate financial relief and ensure Ukraine’s fiscal stability through 2025.

    Despite Russia’s claims that diverting these profits constitutes theft, the initiative is gaining traction.

    However, not all countries are on board with this approach. Some have expressed concerns over the legality and implications of redirecting these profits.

    Nonetheless, a U.S. Treasury official stated on Tuesday that the United States and its G7 partners are making significant progress in addressing these issues and advancing the plan.
    Source: Reuters
    #BIDEN#MACRON#UKRAINE#RUSSIA#FROZEN ASSETS
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