'Russia has to pay,' European Council President Charles Michel said, after G7 leaders agreed to tap Russia's frozen assets for a $50 billion loan to Ukraine.
A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russia n sovereign assets in support of Ukraine : Moscow must make reparations.
Moscow has previously denounced such a move, warning of dramatic consequences if Western leaders go ahead with the proposal. Questions have also been raised over the legality of setting such a precedent: Russia has been cut off from its frozen assets, but retains their ownership. A lengthy judicial process would have to be undertaken for their forfeit — but the profits generated by the seized assets are more readily available.
"And that's why ... this money is blocked, that's why this money is frozen, and I am very confident that we can use this money to support Ukraine, because it is fair." Well into its third year, Russia's full-fledged invasion of Ukraine has demolished settlements and key infrastructure in the country, amid persistent aerial bombardment. The World Bank$486 billion will be required to cover the reconstruction and recovery of Ukraine over the next decade — with costs likely to have increased since this assessment.
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