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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Due to international sanctions on Russia, Serbia has been forced to cancel several Russian weapons contracts and seek alternative suppliers. The Serbian Armed Forces are now procuring military equipment from countries including Israel and China, as well as Western nations, to maintain their military capabilities. This shift reflects Serbia’s pursuit of European Union membership, despite maintaining military neutrality and existing Soviet/Russian military equipment. Simultaneously, Serbia is securing spare parts and maintaining its existing Russian-made equipment, and has already finalized major contracts with France and Israel.
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Ukraine has begun receiving its share of a G7-backed $50 billion loan, with initial disbursements totaling $2.05 billion in World Bank grants. This funding, part of a larger $20 billion U.S. contribution, is co-financed by the F.O.R.T.I.S. Ukraine FIF and the ADVANCE Ukraine Trust Fund, and will bolster Ukraine’s railway, banking, and renewable energy sectors. The EU’s €18.1 billion contribution is slated to begin disbursement in January. These funds are intended to support Ukraine’s economic growth and reconstruction efforts.
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Between 2018 and 2019, Syrian President Bashar al-Assad secretly transferred approximately $250 million in cash to Moscow via 21 flights, circumventing Western sanctions imposed during the Syrian Civil War. This money, transported in bulk currency, was deposited in the sanctioned Russian Financial Corporation Bank, controlled by Rosoboronexport. The transfers coincided with increased Russian military support for Assad’s regime and a period of lavish spending by the Assad family on luxury Moscow properties. These actions highlight Assad’s efforts to safeguard assets amidst the conflict and ongoing international pressure.
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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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Biden’s plan to use billions in seized Russian assets to fund Ukraine aid resonates deeply with me. It feels like a turning point in the way international conflicts—and the consequences of aggressive actions like Russia’s invasion of Ukraine—are being addressed. For too long, powerful nations have redirected the costs of war onto their citizens, while aggressors continue their actions without much repercussion. Now, using these assets for aid not only provides resources to those suffering but also sends a clear message: if you choose aggression, there will be consequences.
I appreciate the legality surrounding the situation, particularly that the money in question is the interest generated by the seized assets of Russian oligarchs.… 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
John Q. Hosedrinker