The United States have proposed to collect tens of billions of euros to lend to Ukraine using as collateral the future proceeds of Russian state capital frozen by Western countries, amounting to approximately 260 billion dollars. This was reported by the “Financial Times” newspaper, recalling that the countries of G7 have debated for months whether to draw on frozen Russian funds or the proceeds generated by them: a measure that would be unprecedented in the context of the regular functioning of the global financial system, and which would risk causing repercussions in terms of confidence. Washington has long supported the most radical option: the direct use of seized Russian funds to finance the rearmament and reconstruction needs of theUkraine. However, this hypothesis clashed with the fears of European countries, according to which such a drastic initiative could prefigure a violation of international law and destabilize the financial markets.
The issue has become even more pressing in recent months, due to the growing difficulties of to Kiev in containing Russia’s military offensive. “We have reached a point where we should explore every possible avenue to maximize the value of the locked reserves for Ukraine,” he said Daleep Singh, Deputy Advisor for International Economics of the National Security Council of White House, during a visit to Kiev on Wednesday. “We cannot wait forever, we are aware of this,” added the official, referring to the 60 billion dollar package for military assistance to Kiev that has been blocked for months in the US federal Congress. In an attempt to overcome the resistance of the Republicans, the Biden administration has been promoting for weeks the granting of aid to Kiev no longer in the form of non-repayable grants, but of loans to Kiev guaranteed by the proceeds of the capital seized from Russia.
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