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G-7 may utilize frozen Russian asset revenues for a $50 billion aid package for Ukraine

Bloomberg reports, referring to its source, that the US is in negotiations with G7 to provide $50 billion in aid to Ukraine, with the massive outlay being repaid with the windfall profits from sovereign Russian asset.
Protest Ukraine activists make Russia pay reparations
A protester holds a sign calling to confiscation $300bn of frozen Russian assets. Credit: Olena Halushka
G-7 may utilize frozen Russian asset revenues for a $50 billion aid package for Ukraine

According to the publication, the plan is being discussed among the Group of Seven nations, with the US pushing to have an agreement when G-7 leaders meet in Italy in June.

The plan signals a strong show of support from Washington after Congress approved $61 billion in assistance for Kyiv in April that had been held up for months. The Congress also voted to confiscate the $6 billion in frozen Russian assets currently held in US banks, which form part of the larger $300 billion frozen by G7 countries.

According to the G7 plan revealed by Bloomberg:

  • The US is leading talks with G-7 allies to provide up to $50 billion in aid to Ukraine, with the goal of reaching an agreement at the June G-7 meeting in Italy.
  • The massive aid package would be repaid using the windfall profits generated from frozen Russian sovereign assets, mostly held in Europe, which are accruing interest.
  • About €159 billion of frozen Russian is held by Euroclear. These assets could grow to €190 billion by 2028 as they mature, generating around €5 billion in annual windfall profits.
  • One option involves issuing $50 billion in bonds backed by the windfall profits from the frozen assets.
  • The US is pushing for this agreement partly to shield allied assistance to Ukraine from potential political shifts in the US and Europe.
  • The plan would replace an EU-only proposal to transfer windfall profits from Euroclear to support Ukraine twice a year, which is expected to be agreed upon this month.

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