This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/CrimsonLancet on 2023-10-12 07:41:24.
U.S. intensifies push to use Moscow’s $300 billion war chest for Kyiv
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Senior U.S. officials have stepped up their efforts to lead Western governments to use hundreds of billions of dollars of frozen Russian central bank reserves to help Ukraine, according to three people who spoke on the condition of anonymity to describe internal conversations.
The intensifying push to use the assets for Ukraine comes as U.S. and European governments that support Kyiv encounter new domestic political roadblocks for their plans to send taxpayer money to the war effort, although officials insist the matters are unrelated.
The Kremlin has an estimated $300 billion frozen in various bank accounts throughout Western countries, but experts have warned that simply taking that money would face legal challenges and pose major financial risks.
On Wednesday, meeting with leading Western financial officials in Morocco, Treasury Secretary Janet L. Yellen endorsed a European proposal to tax the wartime earnings of the Russian bank assets and transfer the proceeds to Ukraine — an intermediate step that could take effect quickly.
Canada last year passed a budget implementation bill that gave its government new powers to seize the assets of individuals or entities on its sanctions list and to put the proceeds toward compensating victims and reconstructing foreign states “adversely affected by a grave breach of international peace and security.”
“For sure, this is kind of pushing the boundary of sanctions, seizure, forfeiture,” said a Western government official with knowledge of discussions about the matter, who spoke on the condition of anonymity because they were not authorized to speak publicly on the subject.
The original article contains 1,390 words, the summary contains 253 words. Saved 82%. I’m a bot and I’m open source!