Ukraine is looking for ways to obtain frozen funds from the Central Bank of Russia
Ekonomichna Pravda – Friday, 11 March 2022, 15:07
The Ministry of the Economy together with the governments of other countries are looking for a mechanism that would enable the transfer to Ukraine of $415 billion seized gold and foreign-exchange reserves of the Central Bank of the Russian Federation.
Source: Denys Kudin, First Deputy Minister of Economy, according to Ukrinform
According to Kudin: "Western governments have already seized the gold and foreign exchange reserves of the central bank of the Russian Federation – $415 billion. In fact, this amount is enough to cover these direct one-time losses.
We hope that in the near future, together with the governments of other countries, we will find a legal mechanism by which this money can be transferred to Ukraine for recovery and compensation," he said.
Background:
- On 27 February, the European Union imposed a new package of economic sanctions against the aggressor country. Among other things, they included blocking operations related to the management of the reserves of the Central Bank of the Russian Federation.
- The very next day, the United States, Japan, the United Kingdom, and even normally politically neutral Switzerland joined the EU’s tough sanctions.
- As a result, Russia has lost access to the part of its reserves located in the West and Japan, and almost all its reserves held in foreign currencies except the Chinese yuan.
