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Use of frozen Russian assets to be discussed at meeting of G7 foreign ministers — source

The issue has been facing legal complications of confiscation of frozen Russian assets so far

ROME, April 18. /TASS/. Heads of foreign ministries of G7 member states who have met on the Italian island of Capri, may come up with specific proposals on using the frozen Russian sovereign funds for Ukraine’s reconstruction, a source in the Italian delegation told TASS.

"This is possible, it will be solved later," he said when asked whether the ministers would reiterate the phrasing and the intention to use Russian funds or they would take a step further by offering something specific.

The issue has been facing legal complications of confiscation of frozen Russian assets so far. Moreover, it is feared that such a precedent will negatively affect the global financial system and, in particular, the attractiveness of the European currency. All earlier meetings confirmed the intention to keep frozen funds until Moscow pays compensations to Ukraine for the special military operation. Earlier reports also said that it was requested to prepare particular proposals by the summit of G7 countries’ leaders that will take place in the middle of June.

At the current stage, EU countries have greenlighted the European Commission’s proposal on obligatory placement of revenues from reinvestment of frozen Russian assets on separate accounts. The mechanism of expropriation of those funds has not been approved yet. According to sources, the European Commission intends to suggest that a European tax close to 100% on those revenues be introduced to transfer those funds to the EU budget under the guise of taxation, after which they will be administered as it deems fit. The European Commission claims that it does not own revenues from Russian assets, which banking experts say is roughly equivalent to the statement that bank depositor does not own interest on bank deposit.

The EU, the US, Japan and Canada frozen Russian assets in the amount of around $300 bln after the beginning of the special military operation. Roughly $5-6 bln of them are in the Untied States, while the largest portion is in Europe, on the Euroclear international platform in Belgium in particular.

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