The US has put forward an additional $275 million (€253m) in military aid for Ukraine, as confirmed by Secretary of State Antony Blinken. This aid package includes high-mobility artillery rocket systems (HIMARS), munitions, artillery rounds, Javelin and AT-4 anti-tank systems, anti-tank mines, tactical vehicles, small arms, and ammunition. Blinken stated, “Assistance from previous packages has already made it to the front lines, and we will move this new assistance as quickly as possible so the Ukrainian military can use it to defend their territory and protect the Ukrainian people.” The collective military assistance provided by the US now totals nearly $51 billion (€47bn) since the invasion began in February 2022.
Furthermore, the G7 nations, consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, have expressed intentions to explore the possibility of using frozen Russian assets to aid Ukraine. Approximately $300 billion (€276bn) of Russian assets were immobilized following the imposition of sanctions due to Moscow’s aggression. G7 financial chiefs in a draft statement revealed, “We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine.”
The US proposal to leverage the future profits of frozen Russian assets for Ukraine’s benefit has been met with caution from European countries. European nations, which hold the majority of Russia’s frozen assets, have been deliberating on the technical and legal challenges associated with the plan. Finance ministers at a G7 meeting in Italy displayed a united front but did show hesitancy as they considered the financial implications for their taxpayers. The concern is that if the assets are eventually returned to Russia or if Ukraine cannot repay the debts, European taxpayers might have to bear the costs.
Italian Finance Minister Giancarlo Giorgetti emphasized, “Only three great EU countries participate in the G7 but the consensus needs to be among 27, and all eurozone countries need to be involved.” Additionally, Ukrainian Finance Minister Serhiy Marchenko, who attended the G7 meeting, commented on the U.S.-led plan as “a step in the right direction.”
The discussions on the utilization of frozen Russian assets for Ukraine’s benefit continue, with the G7 national leaders expected to delve further into the matter at their annual summit in Fasano, Italy.
Relevant articles:
– Ukraine war: US military aid for Kyiv, frozen Russian assets, Europe rearmament , Euronews, 05/25/2024
– Europe still unsure over US plan on Russian assets to pay for Ukraine, POLITICO Europe, 05/25/2024
– Ukraine-Russia news – live: Putin ‘ready to freeze war’ as Kyiv ‘secures combat control’ around Kharkiv, Yahoo! Voices, 05/25/2024
– Russia Ukraine war latest: Putin ‘ready to freeze war’ as Kyiv ‘secures combat control’ around Kharkiv, The Independent, 05/25/2024
– With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets, The Washington Post, 05/23/2024
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