The story is about withdrawing Russian frozen assets and using them for the Ukra Marshall Plan. With the war, countries that are in tension with the U.S., such as Russia and China, are worried about where to put their overseas assets in the future. China, which has a large amount of U.S. government bonds, will also be confused. This is because China's overseas assets can be frozen at any time depending on the dispute with Taiwan.
It feels like we're moving to the Cold War era. Will the end of the war solve the energy problem smoothly? If Russian assets are withdrawn and used, will Russia sell oil and gas to Europe? The handle of the knife is held by Europe and the United States, but withdrawing Russian assets is likely to entangle many problems.
Western countries are considering "seizure and withdrawal" of Russian assets...Ruh, "Totally stealing."
Newsis 2022.05.18 01:59:44
Russia's Kremlin accused the G7 advanced economies and the European Union of discussing ways to seize Russia's overseas state-owned assets and use them for Ukraine on the 17th, calling them "complete theft."
Earlier, German Finance Minister Christian Lindner said in an interview with four European economic newspapers, "We are open to the idea of confiscating Russian state assets and using them as funds for Ukraine's reconstruction," adding, "The proposal to this effect is already being discussed in the G7 and the EU."
Kremlin spokesman Dmitry Peskov said at a press briefing that no one had told him the proposal was under discussion, and that "illegal, brazen, and of course a reasonable response should follow, in a word, pure theft."
German Finance Minister Lindner will stand shoulder to shoulder with Social Democratic Party Prime Minister Olaf Scholz and Green Party Deputy Prime Minister and Economic Minister Robert Habeck. And at a time when Germany's passive military support for Ukraine is in question, it has already drawn attention as it mentioned the Ukra reconstruction project, saying that a "European Marshall Plan for Ukraine" is needed.
Russia's overseas state-owned assets, which are being discussed by the G7 and the EU, refer to foreign exchange reserves, the Russian government's cash reserve accumulated in the Russian central bank account. Russia's gross domestic product (GDP) has been reduced from $2 trillion to $1.6 trillion due to Western economic sanctions following the annexation of the Krm Peninsula, but its foreign exchange reserves have reached $630 billion.
Of this, $300 billion was deposited in U.S. and other foreign financial institutions, and the West froze its accounts immediately after the invasion of Ukraine, making it untouchable for Russia and blocking financial transactions with the central bank.
Now, the proposal to allow the West to freely withdraw $300 billion beyond this freezing level and spend it on reconstruction of Ukraine is being seriously discussed. At a World Bank meeting a month ago, it was announced that Ukraine's war infrastructure damage amounted to $60 billion, and at the same time, he said Russia would have to pay $500 billion (610 trillion won) in compensation for the infrastructure plus the ultimate economic loss.
According to the Ukrainian government's calculation, it is not enough to spend all of Russia's foreign exchange reserves of 300 billion dollars on reconstruction of Ukraine.
Meanwhile, the German finance minister said in an interview that the seizure of personal assets such as Olikak, not the state, may not meet the requirements of the rule of law, and that it is suitable for pro-business parties. Russian individuals' overseas assets, such as Olikak, which the U.S. and the EU froze, exceed $100 billion.
The "seizure" of Russian state assets and its ukra "assetization" plan, which the German finance minister of a pro-business company accepts without resistance, may not only be an idea but also a second card of the actual Russian wooden flag.
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