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Clause on using Russian assets for Ukraine reconstruction removed from US plan — Bloomberg

The removal of this clause has sparked optimism among European officials, the agency noted

NEW YORK, November 24. /TASS/. A clause on allocating about $100 billion in frozen Russian assets to the Ukraine Recovery Fund has been removed from the latest version of the US peace plan, Bloomberg reported citing European officials.

The removal of this clause has sparked optimism among European officials, the agency noted.

The original proposal stipulated that the US would receive 50% of the profits from these assets, with unused frozen funds to be directed to a Russian-American investment fund.

EU countries are attempting to develop legal mechanisms for the use of frozen Russian assets. The majority of these assets (over 200 billion euros) are blocked on the Euroclear platform in Belgium. The depository has repeatedly opposed their confiscation, warning that this could lead to Russia seizing European or Belgian assets elsewhere in the world through legal proceedings. Kremlin Spokesman Dmitry Peskov, noted that Moscow would certainly respond to the actions of European countries if Russian assets were confiscated. Meanwhile, Russian Foreign Ministry Spokeswoman Maria Zakharova stated that Russia's response would be very harsh and painful if EU countries used frozen Russian assets to issue a "reparation loan" to Ukraine.