Top banker claims West will not give back Russia’s currency reserves

2024-12-19 06:28:18

(MENAFN) Andrey Kostin, CEO of Russian bank VTB, has stated that the West is unlikely to return the $300 billion in Russian sovereign assets frozen under sanctions related to the Ukraine conflict. Since 2022, the US and its allies have frozen these assets, which are held in Brussels-based Euroclear. The interest generated from these funds, which runs into billions, has been used by the EU to support Ukraine's reconstruction.

Kostin suggested that the West will continue using the frozen reserves for Ukraine's needs, including military aid, as part of a broader financial package. European Council President Antonio Costa confirmed that the EU will continue to provide significant monthly financial assistance to Ukraine, funded by these frozen assets.

In addition to the interest payments, the EU has allocated billions to Ukraine, with more financial support expected. Russia, meanwhile, has accused the West of "stealing" its funds and warned of potential retaliation, particularly regarding the income generated from frozen Western assets in Russia.

MENAFN19122024000045015687ID1109011544

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.