UK Foreign Secretary sees progress in use of frozen Russian assets for benefit of Ukraine

UK Foreign Secretary David Cameron stated that he sees progress in discussions on how to utilise frozen Russian assets in G7 countries to benefit Ukraine.

Source: European Pravda, citing Cameron at a press conference with US Secretary of State Antony Blinken

Cameron spoke in the context of the necessity to support Ukraine, which is facing Russian aggression. 

"We know that they need money in the form of the frozen Russian sovereign assets, and we’re making good progress in how to access these funds on an agreed basis," Cameron noted. 

He said that progress on this issue will be achieved at the G7 summit.

Background:

• European Commission President Ursula von der Leyen believes it is possible to allocate the first billion euros taken from the profits generated by frozen Russian assets to Ukraine as early as 1 July, if the EU acts quickly to implement the necessary procedures.
• On 21 March, the EU Heads of State and Government Summit agreed that the EU would continue to work on a plan to use the proceeds of the frozen assets of the Russian central bank, including for the purpose of arming Ukraine.
• On 20 March, EU Chief Diplomat Josep Borrell put forward a plan to redirect the interest earned on frozen Russian assets to Ukraine. According to the plan, 90% of the funds should go to a fund that would be used to cover the cost of weapons for Ukraine.
• The media reported that the US proposed its allies in the G7 group to create a special purpose company to issue at least US$50 billion of bonds from the income of frozen Russian sovereign assets and use these funds to support Ukraine.

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