US Proposes G7 Plan To Confiscate $300 Billion in Russian Assets

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia, August 15, 2023. A sign reads: "Bank of Russia". REUTERS/Shamil Zhumatov/File Photo

Financial Times: Washington puts forward G7 plan to confiscate $300bn in Russian assets

Proposal would accelerate preparations in time for a February summit to show solidarity with Ukraine

The US has proposed that working groups from the G7 explore ways to seize $300bn in frozen Russian assets, as the allies rush to agree a plan in time for the second anniversary of Moscow’s full-scale invasion of Ukraine.

While no decisions have been taken and the issue remains hotly debated inside European capitals, the acceleration of work on confiscating Moscow’s assets for Ukraine highlights its rising importance for the west.

The topic was discussed this month by both G7 finance ministers and their deputies, according to people briefed on the calls, which touched on how to develop such a policy and assess the risks involved.

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Update #1: US Proposes G7 Explore Ways to Confiscate $300 Billion in Russian Assets -FT (Reuters)

Update #2: US wants $300 billion of Russian assets for Ukraine – NYT (RT)

WNU Editor: This is where Russia's assets are frozen .... Factbox-What and Where Are Russia's $300 Billion in Reserves Frozen in the West? (Reuters).

The Kremlin has warned that they will break diplomatic relations with any country if they move to confiscate these assets.

Update #3: Not surprised that these countries are having cold feet .... Germany, France, Italy, EU Cast Doubt on US Idea to Confiscate Russian Assets - Reports (Sputnik).

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