The West should be bolder to confiscate Russian assets
| Ukraine's Western backers should step up and be bolder in efforts to seize frozen Russian assets abroad to help Kiev, Britain's prime minister said in new comments. |
reported by Rasha Todi, Rishi Sonak, UK Prime Minister in his new comments regarding the confiscation of Russian assets, said that Western backers of Ukraine should support efforts to seize frozen Russian assets abroad to help if increase.
Sunak wrote an article for the Sunday Times on the occasion of the two-year anniversary of the start of the conflict in Ukraine, warning that Russia “is threatening Global security continues.”
In the continuation of his note, he emphasized that the West should be bolder in hitting Russia’s warlike economy. Sunak said about this : Our collective sanctions will deprive Russia of its 400 billion dollars of assets for The warmongering has denied, and this is enough money to cover the costs of the invasion for another four years… and we must be bolder in confiscating hundreds of billions of frozen Russian assets.
He explained that, in his opinion, using the “billions of euros of profits that these assets bring and sending them to Ukraine” should be the first step to take over Russian funds and Western supporters. Kiev asked to go further and “find more legal ways, confiscate Russian assets and transfer the funds to Ukraine.”
The West has frozen approximately $300 billion of Russian central bank assets since the start of the Ukraine conflict. The United Kingdom and the United States have recently called for the full confiscation of these funds in order to finance the government in Kyiv. Meanwhile, the European Union has acted more cautiously and has presented a plan to confiscate the profits obtained from confiscated Russian funds in the Euroclear clearinghouse. Many European countries have warned that the direct confiscation of these funds will have a bad effect on the Western financial system and destroy confidence in the euro.
The European Union has frozen about 196.6 billion euros (211 billion dollars) of reserves of the Russian Central Bank and has generated income of nearly 4.4 billion euros from these funds. Ursula Vonne der Line, President of the European Commission, announced earlier this week that the legal framework for The confiscation of this income is almost ready.
The West has also frozen billions of dollars of capital belonging to sanctioned Russian individuals and companies.
Moscow has repeatedly challenged the legitimacy of the asset freeze, calling it “theft” and warning of retaliation if the West seizes funds.
