The Ukrainian president wants to use Russian assets seized in world banks to rebuild the war-torn country.

President Zelensky has called for some of the Russian billions seized by world banks to be sent to rebuild Ukraine.

The G7 group is considering taking only the rise in value and interest due since the assets were frozen in 2020.

But the Ukrainian president told the BBC all of the money should be used. “If the world has $300bn - why not use it?”, he said.

The BBC understands central bankers in Europe have concerns over undermining banks’ safe haven status.

  • AutoTL;DR@lemmings.worldBEnglish
    7·
    6 months ago

    This is the best summary I could come up with:

    Despite some enthusiasm from the US and UK governments, Europe’s central bankers have been far more sceptical about setting a difficult legal precedent that could undermine global financial stability.

    Belgium in particular happens to be home to a large portion of the frozen assets, due to its role in the clearing system for European reserves.

    Proponents of the wider plan think tens of billions of dollars could be raised given some $360bn in frozen assets, and now high interest rates.

    President Zelensky told the BBC on the margins of the World Economic Forum in Davos, Switzerland, that Western taxpayers should not foot the bill for the war in Ukraine.

    President Zelensky met with Wall Street financiers at Davos including Jamie Dimon of JP Morgan and Steven Schwarzman of Blackstone.

    The Ukrainian president told the World Economic Forum that some in the West were in denial that Putin was only interested in their territory, and that his country was defending Europe, and needed more help.

    The original article contains 448 words, the summary contains 164 words. Saved 63%. I’m a bot and I’m open source!