Russian assets to remain frozen until it compensates for Ukraine’s damages — Biden

During a meeting in New York on helping the Kyiv government, US President Joe Biden said Russian assets would remain frozen by the West until Moscow compensates for Ukraine’s damages,  reported from TASS.

In his speech, Biden recalled the G7 decision to allocate $50 billion to Ukraine using incomes generated by frozen Russian assets

"Russia's sovereign assets will be immobilized until Russia ends its aggression and pays for the damage it has caused," he said.

G7 leaders at a summit in Italy on June 13 reached an agreement to allocate $50 billion to Ukraine from profits from frozen Russian assets until the end of 2024.

The EU, Canada, the US and Japan froze Russia's assets in the amount of about $300 billion after the start of the invasion.

Of these, about $5-6 billion are located in the United States, and most of them are in Europe, including on the international Euroclear site in Belgium (where $210 billion is stored).

As Russian Foreign Ministry Spokeswoman Maria Zakharova stated earlier, Moscow will immediately take retaliatory steps to the confiscation of its assets in the West.

She called the West's intentions to use proceeds from frozen Russian assets in favor of Ukraine cynical and criminal.





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