The European Union has stirred controversy by deciding to send interest earned on frozen Russian funds to Ukraine for arms purchases. Kremlin spokesperson Dmitry Peskov has condemned this move, stating that Russia will retaliate against the West for what they consider the theft of Russian assets. The EU plans to transfer around €1.4 billion to Kiev in August.
Most of the frozen funds, totaling nearly $300 billion, are held in Euroclear, the EU’s largest depositary and clearing house. The decision to use the interest on these assets to support Ukraine’s military defense has sparked outrage from Moscow. Russian Foreign Ministry spokeswoman Maria Zakharova has promised a harsh response to the transfer.
The G7 nations have also agreed to finance a $50 billion loan for Ukraine using the interest earned on frozen Russian funds. However, Moscow has criticized these moves, claiming that military aid to Kiev only prolongs the conflict. Lawsuits over the immobilized funds are already underway in many countries, with some cases finding success.\
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