Two years after Canada announced the unprecedented seizure of US$26 million from sanctioned Russian oligarch Roman Abramovich, the government has yet to initiate legal proceedings for forfeiture. This delay stems from complexities in proving direct ownership, potentially necessitating compensation to Abramovich under a 1991 investment protection agreement. The government’s cautious approach, considered a landmark case with international implications, contrasts with other G7 nations’ methods of utilizing frozen Russian assets to aid Ukraine. Despite freezing roughly $140 million in Russian assets, including a large cargo plane, legal hurdles and disputes hinder their transfer to Ukraine.
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Following a conversation between President Zelenskyy and Prime Minister Ishiba, Japan will provide an additional US$3 billion to Ukraine, sourced from frozen Russian assets. This funding will support crucial energy infrastructure repairs and shelter construction, vital given Russia’s recent attacks. Zelenskyy expressed gratitude for Japan’s ongoing commitment to Ukraine’s defense and pursuit of peace. This contribution builds upon previous aid, including a US$1 billion transfer from frozen Russian assets.
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In a coordinated effort, the U.S. and EU will transfer $50 billion in frozen Russian assets to Ukraine for economic and defense support. This substantial sum, derived from assets frozen in response to Russia’s invasion, will be disbursed in the coming weeks. The announcement follows a recent $725 million U.S. weapons package for Ukraine, including missiles, artillery, and drones. This combined aid, totaling over $260 billion from the U.S. and its allies since 2022, aims to bolster Ukraine’s defenses against ongoing Russian aggression.
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The EU will allocate €1.4 billion from seized Russian assets to fund military equipment for Ukraine, with delivery expected by the end of 2024, followed by an additional €1.9 billion in early 2025. This initiative follows the near-completion of a separate EU program providing Ukraine with 1 million artillery shells. Furthermore, the EU plans a €35 billion loan to Ukraine, with repayment sourced from future revenue generated from frozen Russian assets. Despite Hungarian opposition to some EU military aid initiatives, this significant funding demonstrates continued international support for Ukraine’s defense.
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Czechs will buy ammunition for Ukraine with income from frozen Russian assets. This bold move by the Czech Republic is an exemplary display of turning the tables on Russia. The decision to use the funds from seized assets to support Ukraine in its defense against Russian aggression is not only strategic but also morally commendable. It signifies standing up against tyranny and using resources for the greater good.
The notion of purchasing ammunition for Ukraine using income derived from Russian assets speaks volumes. It symbolizes a shift in power dynamics, where the aggressor inadvertently funds its own defeat. The irony of Russia demanding the return of oligarchs’ money, only to have it redirected towards supporting Ukrainian forces, is a poetic form of justice.… Continue reading
It’s about time that Russia starts to pay for the devastation and chaos it has caused in Ukraine. The decision by the EU to transfer the first $1.6 billion in frozen Russian assets to Ukraine is a significant step in holding Russia accountable for its actions. The fact that 90% of these funds will go towards defense and 10% towards reconstruction efforts shows a clear commitment to helping Ukraine defend itself against Russian aggression and rebuild its war-torn regions.
Seeing European Commission President Ursula von der Leyen announce this at the Ukraine Recovery Conference 2024 must have been a moment of relief and hope for the Ukrainian people.… Continue reading
Russia’s friends are begging the EU to leave frozen assets alone, but I say, screw them. Why should authoritarian countries like China and Saudi Arabia have a say in whether or not the EU should seize over €200 billion of Russian assets to aid in Ukraine’s reconstruction efforts? These countries that are providing material support to Russia don’t deserve a voice in this matter. It’s ironic how Russia has no qualms seizing assets from private companies but throws a fit when the same is done to them for invading a sovereign nation.
The focus should not be on worrying about setting a precedent or legal ramifications; rather, the main concern should be holding Russia accountable for their actions.… Continue reading
John Q. Hosedrinker