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The original was posted on /r/worldnews by /u/eaglemaxie on 2024-05-23 06:11:43+00:00.
Billions from Russia's frozen assets will go to help Ukraine's military, the EU says
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.npr.org/2024/05/22/1252872978/russia-assets-aid-ukraine-eu-war-sanctions
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
The European Council approved sending the money to Ukraine on Tuesday, roughly two months after reaching a consensus on using revenue from hundreds of billions of dollars’ worth of assets immobilized after Russia launched a full-scale war on its neighbor in February of 2022.
As for the potential repercussions of the EU move, Logvinov was quoted stating, “the consequences of the created precedent will definitely be unpredictable, including for the eurozone, the economies of the bloc’s member countries, and the investment climate.”
The Biden administration has been urging the EU and its 27 member states to use money from the frozen Russian assets to aid Ukraine — including by seizing the funds outright.
But opponents of the push for the EU to redirect Russian assets to Ukraine have questioned the legality of such a move, and they warn of setting precedents that could create complicated ripple effects — and possibly undermine the euro’s international standing.
Faced with “net profits stemming from unexpected and extraordinary revenues” generated by those frozen assets and reserves, the EU says 90% of the money will be used for military support to Ukraine.
President Biden signed into law last month the REPO for Ukrainians Act — a measure allowing the U.S. to transfer Russian sovereign funds to Ukraine to help reconstruction — as part of an expansive security spending bill.
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