Ukraine’s Western backers will soon use profits from frozen Russian assets to finance military aid for Kiev, German Chancellor Olaf Scholz said. The announcement marked a shift for Berlin, which has been under pressure from allies to endorse the weapons-buying scheme.
Speaking during a Friday press briefing alongside French President Emmanuel Macron and Polish Prime Minister Donald Tusk, Scholz said the leaders had agreed on a plan to distribute profits generated by the frozen assets.
“We will use windfall profits from Russian assets frozen in Europe to financially support the purchase of weapons for Ukraine,” he said.
Much of the $300 billion in Russian central bank funds is now frozen in Belgium’s main securities depository, Euroclear, in the form of gold, government bonds and foreign currency. Though Washington and a number of EU states have called to transfer the money to Ukraine, the bloc has yet to take that step amid disagreement over how the funds should be used.
However, a plan is slowly taking shape, with the Council of the European Union agreeing to set aside profits resulting from the frozen assets last month. Additional measures will be required before the money can be transferred to EU coffers, or ultimately handed to Kiev.
According to an unnamed EU official cited by the Guardian, the bloc has devised a “legally robust proposal” to confiscate some $29.5 billion in Russian profits over the next four years, with European leaders expected to announce a decision ahead of a summit in Brussels next Tuesday.
While the United States and Britain have urged Europe to seize the underlying Russian assets in addition to any related profits, EU members have been reluctant, suggesting the more aggressive approach could violate international law. Nonetheless, Scholz’s comments on Friday appear to mark progress toward further action, as Berlin had not publicly endorsed the arms-buying plan previously.
With billions in US assistance currently stalled in Congress, Kiev’s European sponsors have scrambled to boost military aid as Ukrainian troops face severe ammunition shortages and lose ground to Russian forces. France’s Macron has underscored the growing urgency in recent weeks, repeatedly declining to rule out Western troop deployments in Ukraine.
Will Porter is assistant news editor at the Libertarian Institute. Find more of his work at Consortium News and ZeroHedge.
Theft. Pure and simple.
“Theft. Pure and simple.”
Correction: Murders and Thieves. Pure evil and simple.
True, but the real reason they’ve waited is the West has some $300 billion invested in Russia. Western corporations want to sell those assets, but now Russia will take them. Expect Arab nations to start removing most of their assets from the west too.
Yes. This will send a clear message to global investors: “Your money is not safe in European or US banks.”
It doesn’t look those $300 billions were meant as a bait, rather it is the result of pro-western orientation of Russian Central Bank. The management of Central Bank was repeatedly accused by some Russian prominent economists of sabotaging the economic development of Russia by keeping the interest rate too high. Current minister of finance Siluanov who is in the office since 2011 while answering a question about the possibility of expropriation of Russian Central Bank assets by NATO countries’ authorities (the interview had taken place shortly after the coup 2014 in Kiev), said that it is absolutely impossible because it would ruin the international financial system. Still from the viewpoint of Russian state interests, it is difficult to explain why, at least before the invasion into Ukrainian in 2022, Central Bank didn’t moved those assets to a safer place and why Putin allowed it to happen. It looks Putin believes in professionalism and integrity of the head of Central Bank Nabiullina (she is still in the office). Maybe it is some kind of political game. They are talking now about defending Russian right to those assets in Dubai and Hong Kong offshore international courts and, of course, about possible confiscation of western countries’ assets in Russia.
The other point: can those money help Kiev regime? Of course with those money they can increase salaries of mercenaries and attract more of them but it is difficult to covert those money into ammunition; NATO can’t produce enough; it will take years to catch up with Russia. NATO countries’ industry is not so strong as we thought. It needs huge investments and militarization of economy. Also there is a growing antiwar opposition in EU while the rest of the world is siding with Russia. Meanwhile economic situation in The West is deteriorating. It would be difficult to keep people under control without installing fascist regimes. Can European countries do it?
Ok, Peskov, i hope some if not all of that money goes to help Ukraine so you can hate on them even more and you continue repeating nonsense Russian propaganda here.
We need entertainment.
Wherever you got that information, it’s ALL Russian propaganda. Maybe Europe should give that money to the volunteer brigades that have attacked and secured the Russian areas around Belgorod. They’re Russian citizens afterall…
Those “volunteer brigades” were filmed on Ukrainian territory. There was one Ukrainian brigade which tried to cross the border by three columns in three different points. All of them were destroyed by Russian artillery and aviation before they could reach the border. Obviously their plan was to capture some Russian villages with polling stations and make a propaganda film for western audience. They failed miserably.
Nope. Geolocated videos put them exactly where they said they were.
Why aren’t the Russians able to remove them? (I’m thinking the Russian military is spread too thin.) Your Russian propaganda needs to do a better job if you want people to believe they’ve eliminated the Russian volunteer units.
I think you know that you are repeating the lies. It was geolocated on Ukrainian territory.
If you say so.
Whoops!
https://m.youtube.com/watch?v=3UavTdW8jks&pp=ygVFa2FuYWwgMTMgcnVzc2lhbiB2b2x1bnRlZXJzIGNvbmR1Y3Rpbmcgb3BlcmF0aW9uIG9uIHJ1c3NpYW4gdGVycml0b3J5
They made this fake on Ukrainian territory. So far they can only hit Belgorod with their artillery. Some people are killed. Not many.
Wrong.
They even blurred the sign of the institution which they removed. Why they did blurred it? I think they didn’t bothered to make a copy of the sign, so sure they were they can capture the village.
Keep telling yourself that. You self-worth is tied up in Russian “success”. That’s sad.
Why they blurred the sign? Have you any reasonable explanation?
You might want to reach-out to them and ask…
I told why. It is too obvious. They didn’t bothered to make a copy. If it would be a real sign, of course they would show it.
Sure. I hope you’ve convinced yourself of that.
I just asked a simple and obvious question: why they didn’t show the sign?
Other question is: why did you convinced yourself that they blurred a real sign? What for they would blur the sign if it was real?
Again: ASK THEM. (I am not their spokesperson.)
I hope now you understood that it is a fake.
I do not.
“Legally robust proposal:” your money or your life!
Not really sure it is a good idea to rip off the best, biggest and most up no date thermonuclear weapon state on this planet. Unless you have a good hiding place in another solar system, maybe…!!!!!!!!
The BEST and BIGGEST and MOST, I tell you!
You have the same small-d**k-energy that Putin has, I see (Along with Trump!)
Yes, the range is astounding regarding their potency. From the best in the world (him) to them not working at all (you). Like it matters.
For sure it matters if they don’t work!
You really think a nuclear war will be limited? This isn’t 1945.
No. I do not think there will be any nuclear war.
Seriously? Did I have to say “if” there is a nuclear war for you to understand my point?
I understand your point. Nuclear war would destroy the planet. Should I get under a desk?
If you like. Maybe you’ll find a functioning brain that doesn’t rule out the possibility of a direct conflict with the US.
Here’s my offer of a bet: Putin is removed before we get that far…
Once more with the implication that this is Putin’s war and Russia would be willing to allow the West to do as they please if not for him. It’s like saying if we could only rid ourselves of Biden, the genocide in Gaza would end.
Putin goes. End of the war.
Calm down. Putin got 87%
Of course he did. Looks bad if he gets 110%!
Russia doesn’t care now what they say in The West
Everyone knows that. They’ve removed themselves from the community of nations. They are rogue; on the path to irrelevancy.
Community of nations led by Israel and it’s relatives in America?
So, do you also follow the lemmings into the meat grinder? Or do you go “rogue” to save your sorry behind?
Ukraine will never be whole. Whether Putin goes or Putin stays. So, if Ukraine suddenly came to accept reality and realize they have no real support and they can’t win a war of attrition against a country with over 100 million more people, then you might be correct. But they won’t be near whole and that deal from March of 2022 will be nothing but a fond memory of what might have been.
They will be whole except for the Donbas. Let Russia have those sorry f**ks.
Either Crimea remains in Russian control or there will be a big war.
I don’t think a big war will be necessary
It will be big enough that Ukraine will be destroyed completely. But that doesn’t really seem to be an issue with you.
And then Russia will be destroyed completely. Putin knows this and won’t escalate.
We are talking about Crimea. Of course Russia will escalate. Russia isn’t desperate, they still control around 20% of Ukrainian land. We’ll have to wait until Russia has been driven out of Ukraine and their asses are getting closer to that wall I keep talking about to see what their response will be then. Thinking there won’t be an escalation is some serious wishful thinking on your part.
Nah. Putin posturing isn’t a concern.
I see. Good answer.
Either to arm or to rebuild Ukraine but either way, it should go to Ukraine.
Putin can go have sex with himself.
This is the war he started.
DJ, your ignorance is appalling
educate yourself
https://original.antiwar.com/david_stockman/2023/11/26/reflections-on-another-truce-why-there-is-still-no-peace-on-earth/
https://original.antiwar.com/david_stockman/2023/11/28/how-american-neocons-wrecked-the-middle-east-and-ukrain/
UN judges set to hear Nicaragua ‘genocide’ case against Germany for supporting Israel
https://www.presstv.ir/Detail/2024/03/15/721943/ICJ-set-to-hear-Nicaragua-‘genocide’-case-against-Germany-for-supporting-Israel
This would result in de-dollarization acceleration…!
It might hurt the Euro even harder than the dollar.
“. . . some $29.5 billion in Russian profits over the next four years . . .”
Yeah, that’ll make a big difference in the course and outcome of the war. Not.
On the other hand, this move is certainly making a difference in how the rest of the world views the Rules-Based Order™. It’s now clear that one of the rules is, “We’ll take your money if we want to.”
It will be interesting to see how much of this cash actually gets to Ukraine. The potential for skimming by European banks and corrupt entities within Ukraine itself will likely be significant.
https://www.rt.com/news/594351-scholz-use-russian-assets-weapons-ukraine/
Tusk, Scholz, and Macron convey the 21st-century version of The Three Stooges. I suggest Joe Biden and his close surrogate (Tony Blinken) gave them marching orders.
Millions of Ukrainian casualties later, along with a destroyed economy, Biden is milking ‘success’ until after the US presidential election.
Well, as long as RT says so!
How many Russians have died? How Russia’s economy doing? Are they able to refine oil at their damaged refineries? Has Putin gotten rid of the Russian volunteer invaders yet?
Whoops! not yet!
https://www.yahoo.com/news/russian-volunteer-corps-claims-capture-131000938.html
If we don’t count dead Russian civilians, the Russian military has sustained about 100,000 casualties. There’s a growing consensus it’s at least 10 percent of the Ukrainian numbers, more or less.
The Russian economy is doing considerably better than Ukraine and Western economies.
I suspect when the damaged refineries are repaired, higher oil prices for exported Russian oil are in the offing.
As for the Ukrainian “volunteer invaders,” it’s become a long-term problem for Russia to counter Ukrainian drones that have been damaging infrastructure and killing civilians. Individual sabotage teams haven’t been quite as successful against the Russian MoD.
Where is this “growing consensus”? You guys are gonna pass 500,000 dead pretty soon but I guess you’ve got plenty left.
Russia’s economy is only above water because of Putin’s bolster of military production. (I hope you can sustain it!)
Not sure Russia will be getting higher prices for their oil. China has been extorting you for quite a while.
And it seems like the Russian volunteer invaders are there to stay for now. Is Putin not able to dislodge them? Is he thin in troops to counter their invasion? They
posted video of Russian MOD POWs today. Is Putin going to try to get them back or is he just going to add them to his growing casualty list?
Russian Troops defeated the so called INVINCIBLE German Army with a loss of some 30,000,000 Russians , America and it`s NATO LACKEYS will suffer the same fate , however i would add that the Yanks would resort to nukes first as they had their asses kicked .
You are correct with your WWII numbers but this is the RUSSIAN ARMY and NOT the Soviet army, innit?
The price of oil will rise if the supply of oil falls. If oil refineries are damaged, whether in Russia or elsewhere, it stands to reason that the supply will fall. And the price of oil is determined on the global market, not locally.
The price of oil is determined by availability. Any drop off from one country can be mitigated by an increase from another.
That’s true.
But it’s also true that — not for the first time — the Russian regime froze petroleum exports right before this latest round of refinery attacks began. So any global price effects were already in play, and the main effect of the attacks is on availability of those non-export products for domestic Russian consumption, not on global prices.
more oil is exported from the US every day than is imported.
every single refinery in the US is working non-stop to refine the actual overabundance of oil.
fun fact) = the largest oil refinery in the US is located in Texas and it is owned by the Saudi royal family.
also the US is the world’s leading exporter of natural gas.
uncle sam is the freakin world’s gas station.
what
You have 1910 comments and 810 upvotes, ‘rational thinker.’
And?
did you actually click on a dude’s thing-a-ma-bob just to see how many comments he has made?
come on man, we are supposed to be better than that.
don’t make me post some kind of ethnic BS just to prove that whitey does not in fact hold a monopoly on this world.
oh sh*t, too late!
Windfall profits? Something undeserved, extra, happenstance. Sophistry is nauseating. How about stealing the interest due that should remain part of frozen funds. But no — this is just taking windfall profits. Simething that can be despised of and not being called a theft. These thieves would like to stay respectable, not
They’re a day late and a dollar short. And Scholz is a coward.
i thought that Schotz was a brand of cheap beer.
silly me. things that make you go “hmm”
While it would still be theft, it sounds like the plan is to give Ukraine the 𝒊𝒏𝒕𝒆𝒓𝒆𝒔𝒕 on the confiscated funds (as opposed to the funds themselves).
I can’t tell if funds held in US accounts are affected. But is sounds as if the US plans to transfer US held funds to European banks to make it appear as if the EU did all the dirty work.
Regardless, it is money that will be gone up in smoke. There will be a lot more dead soldiers on both sides. There will be a lot more corrupt pockets filled in Ukraine. But the money won’t resolve NATO’s current shortage of ammunition, and it won’t resolve Ukraine’s shortage of soldiers.
If the rest of the world dosen`t get the message how untrustworthy the Western Powers are they deserve everything they get .
FJB
yalls will still be saying that even after Trump is magically reelected.
FJB! as if he has anything to do with anything.
He will only be magically reelected if he has sworn an oath to follow the script that’s waiting for him in the Whitehouse.