Russia Warns West Against Taking Income from Frozen Russian Assets for Ukraine
Amidst escalating tensions, Russia has condemned the West’s plans to use frozen Russian assets to fund a $50 billion loan for Ukraine, calling it criminal and threatening painful retaliation. Russian Foreign Ministry spokesperson Maria Zakharova warned that such actions could unbalance the financial system and lead to catastrophic crises.
The Group of Seven countries and the European Union are considering tapping into the interest generated by $300 billion in frozen Russian assets to support Ukraine’s financing. Initially proposing to confiscate the assets outright, the US has now agreed to use the interest for the loan instead.
As the G7 discusses this controversial plan, concerns have been raised about potential repercussions on investments from other countries, such as China. The US, under President Joe Biden, has already imposed multiple sanctions on Russia in response to its military actions in Ukraine.
The situation remains tense as both sides engage in economic warfare, with Russia threatening to retaliate by confiscating assets belonging to the US and its affiliates. The outcome of this financial battle could have far-reaching consequences for global relations.
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