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The original was posted on /r/worldnews by /u/FeatherThePirate on 2024-06-13 23:55:15+00:00.
G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://apnews.com/article/russia-ukraine-war-frozen-assets-loan-39d8619f083600651fabe46b4548716d
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
While governments can generally freeze property or funds without difficulty, turning them into forfeited assets that can be used for the benefit of Ukraine requires an extra layer of judicial procedure, including a legal basis and adjudication in a court.
Biden’s national security adviser, Jake Sullivan, said the goal is “to provide the necessary resources to Ukraine now for its economic energy and other needs so that it’s capable of having the resilience necessary to withstand Russia’s continuing aggression.”
The World Bank’s latest damage assessment of Ukraine, released in February, estimates that costs for reconstruction and recovery of the nation stand at $486 billion over the next 10 years.
At an Atlantic Council event previewing the G7 summit, a former U.S. ambassador to Ukraine, John Herbst, said “the fact that American funding is not quite reliable is a very important additional reason to go that route.”
If Russia regained control of its frozen assets or if the immobilized funds were not generating enough interest to pay back the loan, “then the question of burden-sharing arises,” according to the French official.
Max Bergmann, director of the Europe, Russia and Eurasia Program at the Center for Strategic and International Studies, said last week that there were worries among European finance ministers that their countries “will be left holding the bag if Ukraine defaults.”
The original article contains 795 words, the summary contains 221 words. Saved 72%. I’m a bot and I’m open source!