EU and USA to explore use of Russian assets for Ukraine's benefit – US-EU Summit Joint Statement

Following the summit, the leaders of the European Union and the United States confirmed their readiness to explore ways of using Russia's sovereign assets to help Ukraine in accordance with national and international law.

Source: US-EU Summit Joint Statement, as reported by European Pravda 

Details: European and American leaders confirmed their readiness to hold Russia fully accountable for its illegal full-scale aggression against Ukraine.

Quote: "In light of the urgency of disrupting Russia’s attempts to destroy the Ukrainian economy and Russia’s continued failure to abide by its international law obligations, the United States and the European Union, together with our allies, are convening our experts to explore options to compensate Ukraine in a timely manner for the loss, injury, and damage resulting from Russia’s aggression", the statement says.

They emphasise that such steps should be taken "consistent with our respective legal systems and international law."

Quote: "In the short term, we will explore how any extraordinary revenues held by private entities stemming directly from immobilized Russian sovereign assets, where those extraordinary revenues are not required to meet obligations towards Russia under applicable laws, could be directed to support Ukraine and its recovery and reconstruction in compliance with applicable laws," the US and EU leaders promise.

The statement also includes the leaders' commitment to work to address the energy, economic and food security challenges caused by Russia's aggression, "which are particularly acute in the most vulnerable developing countries."

The problem with using Russia's sovereign assets is that they legally belong to the state and, unlike private assets, there is no mechanism for their confiscation.

Reminder: The Russian Elites, Proxies and Oligarchs (REPO) Task Force, created upon the initiative of the G7, estimated that there are about US$280 billion in frozen Russian sovereign assets.

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