France supports US idea of providing Ukraine with $50 billion from Russian assets
Archive photo: French Minister for the Economy and Finances Bruno Le Maire (flickr.com)
The French government has supported a US proposal to allocate $50 billion to Ukraine using frozen Russian assets, announces French Minister for the Economy and Finances Bruno Le Maire.
Bloomberg indicates that the United States insists that a group of leading countries with developed economies should use future revenues obtained from around $280 billion in funds from the Russian Central Bank, most of which is blocked in Europe. The idea is to provide a package of assistance to Ukraine in the amount of up to $50 billion.
"We are open to the idea of mobilizing the income of these assets as best as possible and as much in advance as possible within international law," said Minister Bruno Le Maire.
Idea of the United States does not contradict international law
However, European officials have previously been cautious about using these assets, citing concerns about legal risks and financial stability. Le Maire said that he had previously warned the US government that full confiscation of assets would violate international law and the rules of the global financial system.
"The US has made proposals that are in the framework of international law and we will work on them in a constructive and open way with the objective to get an agreement on this fundamental subject of financial support for Ukraine by the end of the Stresa G-7," the French minister said.
Why this is advantageous for Ukraine
Bloomberg states that since Germany also favors the US plan, there are growing chances that it may be fully endorsed at the meeting of the leaders of the Group of Seven (G7) on June 13-15.
"An advantage of front-loading the proceeds from the assets would be to secure the benefit for Ukraine regardless of political uncertainty surrounding the presidential election (in the US - ed.)," the material reads.
Bloomberg reminded that earlier discrepancies in Congress had already complicated the process of providing assistance to Ukraine, and former US President Donald Trump expressed skepticism about further support for Ukraine.
US plan
Yesterday, US Treasury Secretary Janet Yellen stated that Ukraine could receive a $50 billion loan, and the funds for this could be taken from seized Russian assets.
At the same time, Reuters reported that at a meeting of financial leaders of G7 members in Italy, an attempt would be made to find a joint solution on how to use frozen Russian assets to aid Ukraine.
