Russia may agree to transfer frozen assets for Ukraine's reconstruction – Reuters
Illustrative photo: Russia may give its frozen assets for Ukraine's reconstruction (Getty Images)
Russia could agree to transfer its assets frozen by Western countries for Ukraine's reconstruction. In total, Europe and the US have blocked around $300 billion in Russian assets, Reuters reports.
The outlet reminds that after Russia’s full-scale invasion of Ukraine, the US and its allies froze $300–350 billion of Russia’s sovereign assets, primarily European, American, and British government bonds held in a European securities depository.
Three unnamed sources told Reuters that Moscow is considering using a significant portion of these frozen assets for Ukraine's reconstruction as part of a potential peace agreement.
One source clarified that Russia could agree to transfer two-thirds of the frozen assets for Ukraine’s recovery, provided there are "accountability guarantees." Moscow allegedly wants to use the remaining $300 billion to restore the temporarily occupied territories.
The sources also emphasized the importance of discussing which companies will receive future contracts for reconstruction. Another source added that Russia would, in any case, demand the unfreezing of assets as part of a gradual lifting of sanctions.
However, it is still unclear whether this initiative was discussed during the meeting between American and Russian officials in Saudi Arabia this week.
US and Russia discuss war resolution in Saudi Arabia
This week, US and Russian officials discussed the end of Russia’s war against Ukraine in Saudi Arabia.
They agreed that contacts on resolving the war should continue, with both the US and Russia designating special teams for these efforts.
Previously, US Special Envoy for Ukraine and Russia, Keith Kellogg, stated that, in his opinion, Russia would need to make territorial concessions for peace with Ukraine.
