Washington now supports using Russian assets for Ukraine aid—report
U.S. Embassy, Kyiv (Photo: REUTERS/Valentyn Ogirenko)
The United States has shifted it stance and now supports the EU proposal to tap Russian sovereign assets frozen in Belgium’s Euroclear clearing house to fund aid to Ukraine, Reuters reported on Nov. 7, citing an unnamed U.S. official.
The source told Reuters that the United States “absolutely supports [the EU] and the steps they're taking right now to be in a position to make use of those assets as a tool.”
The same official added that Washington is assessing the impact of sanctions on Rosneft and Lukoil and is weighing further measures to tighten the economic squeeze on Russia, according to the report.
The European Commission previously developed a mechanism allowing EU governments to channel EUR185 billion ($217 billion) in frozen Russian assets toward supporting Ukraine without formally seizing them.
Belgium is reluctant to agree to the plan, worried that it includes legal and financial risks, which Brussels believes should be shared by all EU member states. The European Commission is now working on a set of legal assurances to address the Belgian concerns. If these negotiations succeed, the measure will likely be approved by the European Council in December.
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