Drudge Retort: The Other Side of the News
Wednesday, May 22, 2024

The European Union on Tuesday approved a plan to hand Ukraine the profits generated by frozen Russian central bank assets.



Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

More from the article...

... The Context

European Union member states and other Group of Seven countries (G7) had long debated about how $300 billion in Russian central bank assets stashed in Western nations should be used to help Ukraine fund its war effort against Russia.

The financial assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.

What We Know

Reuters reported this month that the EU has estimated that by 2027, windfall profits from Russia's central bank assets frozen in the world's largest trading bloc could reach 20 billion (about $21.7 billion). The frozen assets have been gaining a huge amount of interest because they are stuck. ...

#1 | Posted by LampLighter at 2024-05-22 12:07 AM | Reply

Albert Collins Robert Cray - The Dream (1987)

Lyrics excerpt...

Last night once again I had the dream

I tossed and I turned
That old feeling's still the same
It was so real, I woke up cold and sweating

I wonder did I call her name?

In the dream she was right there with me
Right there with me in the bed
She said, "Bobby, come and kiss me"
"Never leave me" is what she said

But when I reached out to hold her
Oh, I woke my wife instead

#2 | Posted by LampLighter at 2024-05-22 12:37 AM | Reply


Too bad it's not more.

#3 | Posted by Nixon at 2024-05-22 08:35 AM | Reply | Newsworthy 1

This may not be worth it in the long run.

The neutrality of the banks assured trust. If nations come to believe they can no longer trust that system and may lose assets at the whims of other nations, it will not dampen "bad behavior." It will merely make them more likely to side with competing financial groups such as BRICS, and lead to the hastening of the loss of the dollar as the international reserve currency, GREATLY weakening US soft power.

#4 | Posted by zeropointnrg at 2024-05-22 11:26 AM | Reply

The European Union on Tuesday approved a plan to hand Ukraine the profits generated by frozen Russian central bank assets.

Posted by LampLighter

Sounds about right...


#5 | Posted by OCUser at 2024-05-22 07:59 PM | Reply | Newsworthy 1

Serves them right. Ukraine deserves to be reimbursed.

Russia has already seized numerous American assets in Russia.

The American companies that left Russia and even sold their assets at a discount just to get out were probably the smart ones. But time will tell. Whomever is left may now get to apply to get reimbursed from the billions in frozen Russian assets if their property is seized by Vlad the Invader as revenge and retribution for American actions.

#6 | Posted by donnerboy at 2024-05-23 08:46 PM | Reply

They're already BRICS.

#7 | Posted by YAV at 2024-05-23 08:49 PM | Reply

This ain't over....

Putin decree outlines Russian response to any US seizure of frozen assets

... Russia will identify U.S. property, including securities, that could be used as compensation for losses sustained as a result of any seizure of frozen Russian assets in the United States, according to a decree signed by President Vladimir Putin on Thursday.

G7 negotiators have been discussing for weeks how to best exploit some $300 billion worth of Russian financial assets, such as major currencies and government bonds, which were frozen shortly after Moscow invaded Ukraine in February 2022.

Russia's ability to mete out like-for-like retaliation if Western leaders seize its frozen assets has been eroded by dwindling foreign investment, but it may go after private investors' cash instead, officials and economists told Reuters this month.

Thursday's decree stated that the Russian Federation or central bank can ask a Russian court to determine whether its property has been unjustifiably seized and seek compensation.

The court would then order for compensation to be transferred in the form of U.S. assets or property in Russia from a list that would be drawn up by Russia's government commission on foreign asset sales.

The decree listed securities, stakes in Russian companies, real estate, movable property and property rights among the U.S.-owned assets potentially liable for seizure.

Former president Dmitry Medvedev acknowledged last month that Russia holds an insignificant amount of American state property and that any response Russia makes would be asymmetrical, focusing on private individuals' assets.
The decree also stated that assets owned by people under U.S. control could be targeted. It did not specify how being "under U.S. control" would be determined.

The assets of many foreign investors, including both individuals and major U.S. investment funds, are held in special 'type-C' accounts Russia introduced shortly after sending its army into Ukraine and being hit by a barrage of Western sanctions in February 2022. ...

#8 | Posted by LampLighter at 2024-05-23 08:59 PM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2024 World Readable

Drudge Retort