╌>

Billions from Russia's frozen assets will go to help Ukraine's military

  
Via:  Nerm_L  •  one month ago  •  8 comments

By:   Bill Chappell (NPR)

Billions from Russia's frozen assets will go to help Ukraine's military
Under the plan, the European Union will send as much as $3.25 billion in profits from frozen Russian assets to Ukraine to help finance its military and reconstruction efforts.

Sponsored by group News Viners

News Viners

So, seized and frozen Russian assets are being diverted to military support instead of reconstruction.  This doesn't have anything to do with Russia paying for its war damages; that's a flagrant lie with the fragrance of manure.  European countries are trying to weasel out of obligations and promises they've made.  The EU adopting this backhanded grift will only prolong the war until there's nothing left in Ukraine worth fighting for or reconstructing.

Using these Russian assets to fund prosecution of the war raises serious doubts that any of it would be used for reconstruction after the war.  It's more likely these same EU countries would divert the Russian assets to their own treasuries to recoup what little support was provided Ukraine.  If Europe ain't gonna fight the war and ain't gonna fund the war then why does the US taxpayer have to carry the burden?


S E E D E D   C O N T E N T


The European Union plan to use as much as $3.25 billion in profits from Russian sovereign assets — frozen by sanctions due to Russia's war on Ukraine — to fund Ukraine and its military.

"Russia must pay for its war damages," Czech Republic Minister of Foreign Affairs Jan Lipavsky said as he shared the monetary amount on X.

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.

In response to the action, Kirill Logvinov, who heads Russia's permanent mission to the EU, alleged that the EU Council had "officially elevated theft to the rank of instruments of its foreign policy."

The remark came from an interview translated by Tass, the Russian state news agency. 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 war has thrust Ukraine into a high-stakes conflict and an immediate humanitarian crisis; the country also faces a massively expensive long-term rebuilding effort.

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. And if the EU appropriated the assets, it would raise the likely possibility that Moscow could retaliate by seizing European holdings in Russia.

By choosing to siphon the profits rather than redistribute Russia's assets, the EU looks to avoid the thorniest of those questions, while still offering a lifeline to Kyiv.

"Those windfall gains that amount to between 2 and 4 billion euros per year could be used for Ukraine's reconstruction without interfering with international law," Sweden's Anders Ahnlid, who led the EU's working group on using the frozen assets last year, told NPR in March.

Since the war began, the EU, Group of Seven and other U.S. allies have immobilized some $282 billion in Central Bank of Russia assets, with more than two thirds of the total held in the EU's jurisdiction, the EU Council said in February.

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.

A portion of the money is also designated to go toward Ukraine's defense industry infrastructure and reconstruction efforts. The funds will be collected from the Russian accounts on a twice-yearly basis, the EU said.

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. A bipartisan group of senators is now urging Biden to use that authority, and to implement the new law before the upcoming G7 meeting in June.


Tags

jrGroupDiscuss - desc
[]
 
Nerm_L
Professor Expert
1  seeder  Nerm_L    one month ago

The European ministers are patting each other's backs because they think Americans are too stupid to notice what they're doing.  But Americans are wising up to European duplicity.  For the US it's a whole lot cheaper to make enemies than it is to buy phony friends.  

 
 
 
Jeremy Retired in NC
Professor Principal
2  Jeremy Retired in NC    one month ago
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.

After he wasted BILLIONS in taxpayer dollars.

 
 
 
Nerm_L
Professor Expert
2.1  seeder  Nerm_L  replied to  Jeremy Retired in NC @2    one month ago
After he wasted BILLIONS in taxpayer dollars.

The key word is 'reconstruction'.  Using Russian assets to buy artillery shells that Ukrainian forces use to reclaim villages by destroying them doesn't have anything to do with reconstruction. 

The Europeans are trying to use seized Russian assets to avoid fighting the war and avoid funding the war while Ukraine is destroying itself.  If the Russian assets are gone, who's going to be responsible for rebuilding Ukraine?  Russia is going to be broke; there's no money there.  Europe is already weaseling out of the funding the war.  That only leaves the US taxpayer to carry the burden.

 
 
 
Kavika
Professor Principal
2.1.1  Kavika   replied to  Nerm_L @2.1    one month ago
The Europeans are trying to use seized Russian assets to avoid fighting the war and avoid funding the war while Ukraine is destroying itself.  If the Russian assets are gone, who's going to be responsible for rebuilding Ukraine?  Russia is going to be broke; there's no money there.  Europe is already weaseling out of the funding the war.  That only leaves the US taxpayer to carry the burden.

And this is reality:

The data show that total European aid has long overtaken U.S. aid - not only in terms of commitments, but also in terms of specific aid allocations sent to Ukraine. In addition, the approval of the EU's Ukraine Support Facility guarantees further financial assistance.Feb 16, 2024
 
 
 
Ronin2
Professor Quiet
2.1.2  Ronin2  replied to  Kavika @2.1.1    one month ago

Your reality took a detour with actual money and weapons being sent Ukraine. Europe has promised the world and hasn't delivered shit.

Europe’s approach to supporting Ukraine’s war effort is no longer fit for purpose. There is a desperate need for Europe to ramp up its defense industrial production. But despite a clear consensus behind this urgent need, European production lines are not yet maxing out their capacity. The root of the issue is not so much a lack of political will but, as is frequently the case with European defense, a failure to cooperate and a lack of funding. Over the past two years, Europeans have supported Ukraine by emptying their warehouses of aging equipment and munitions. The European Union’s European Peace Facility (EPF) has  incentivized  its member states to give military equipment to Ukraine by reimbursing them for some of the costs.  However, there is now little left to give, as most of the old equipment has been divested. As such, European military support to Kyiv is lagging. The problem is that there is a tension between rebuilding European militaries and supporting Ukraine. Thus, European countries are much more reluctant to give Ukraine newer, more expensive equipment, which is vital for national defense and meeting NATO targets.

MUNICH — Of Europe's big military powers, France is doing the most lackluster job in sending arms and ammunition to Ukraine, according to a new calculation of international aid by Germany's Kiel Institute.

The think tank updated its influential   Ukraine Support Tracker   on Friday — with data calculating financial and military help for Kyiv up to Jan. 15.

It shows that Europe is catching up to the United States — gaining speed as aid from the U.S. stalls thanks to political gridlock in Washington.

As of Jan. 15, European countries have allocated €88.7 billion compared to €66.1 billion for the U.S., according to   figures   published to coincide with the start of the Munich Security Conference.

In military aid, the U.S. is still ahead, at €43.2 billion, just over €2 billion more than European countries. But the help from Washington is slowing: In the first half of last year, the U.S. was giving an average of €2.8 billion a month, but in the second half of 2023 it was only €470 million a month.

Ukraine is a European concern, not a US concern. Just because Obama was dumb enough to back a coup to oust a duly elected pro Russian president in Ukraine; and Brandon owes Ukraine for the millions it has sent Hunter and his family- doesn't mean the US should be doing all of the heavy lifting. We need to concentrate on China- the real threat to the world. Before Taiwan is taken and the US doesn't have semi/super conductors enough to supply the military- much the less industrial needs.

 
 
 
Kavika
Professor Principal
2.1.3  Kavika   replied to  Ronin2 @2.1.2    one month ago
Ukraine is a European concern, not a US concern. Just because Obama was dumb enough to back a coup to oust a duly elected pro Russian president in Ukraine; and Brandon owes Ukraine for the millions it has sent Hunter and his family- doesn't mean the US should be doing all of the heavy lifting. We need to concentrate on China- the real threat to the world. Before Taiwan is taken and the US doesn't have semi/super conductors enough to supply the military- much the less industrial needs.

Sorry, but the article I took this from addresses all of your concerns. Yes, Ukraine is a US concern just like it is an EU concern. 

Good that you are interested in world affairs, but getting a broader view might be of benefit, also the same Brandon nonsense is a show stopper I'm not interested in reading your rant beyond that. 

You may want to review your own links, since they show exactly what I said. 

From your links:

The think tank updated its influential    Ukraine Support Tracker    on Friday — with data calculating financial and military help for Kyiv up to Jan. 15.

It shows that Europe is catching up to the United States — gaining speed as aid from the U.S. stalls thanks to political gridlock in Washington.

As of Jan. 15, European countries have allocated €88.7 billion compared to €66.1 billion for the U.S., according to    figures    published to coincide with the start of the Munich Security Conference.

In military aid, the U.S. is still ahead, at €43.2 billion, just over €2 billion more than European countries. But the help from Washington is slowing: In the first half of last year, the U.S. was giving an average of €2.8 billion a month, but in the second half of 2023 it was only €470 million a month.

 
 
 
Nerm_L
Professor Expert
2.1.4  seeder  Nerm_L  replied to  Kavika @2.1.1    one month ago
And this is reality:
The data show that total European aid has long overtaken U.S. aid - not only in terms of commitments, but also in terms of specific aid allocations sent to Ukraine. In addition, the approval of the EU's Ukraine Support Facility guarantees further financial assistance. Feb 16, 2024

But that reality is not what the EU is bragging about.  

Since the start of Russia’s war of aggression, the EU and its member states have provided or committed over €143 billion in support for Ukraine and its people:
  • €81 billion in financial, budget support and humanitarian assistance
  • €33 billion in military support
  • €17 billion in support for refugees within the EU
  • €12.2 billion of grants, loans and guarantees provided by the EU member states

The total amount by this accounting is €143 billion but only 23 pct of that amount has actually gone toward the military.

As of May, 2024, the United States has committed to providing $175 billion in military, economic, and humanitarian aid to Ukraine.  About $45 billion of that (26 pct) has been military aid.  And that doesn't include the sweetheart deals to provide NATO countries with modern weapons in exchange for Cold War era weapons sent to Ukraine that they are counting in their €143 billion figure.  

 
 
 
Kavika
Professor Principal
2.1.5  Kavika   replied to  Nerm_L @2.1.4    one month ago
As of May, 2024, the United States has committed to providing $175 billion in military, economic, and humanitarian aid to Ukraine.  About $45 billion of that (26 pct) has been military aid.  And that doesn't include the sweetheart deals to provide NATO countries with modern weapons in exchange for Cold War era weapons sent to Ukraine that they are counting in their €143 billion figure.  

Since the US is the world largest arms dealer/supplier it would make sense that the majority of our support would be military arms. The 77% non military arms donated by EU make a country stay in a war, do you think it's only arms that carry a country? 

Another thing that you are missing is that some of weapons the NATO countries have provided and are providing are 1st class western arms, and in return the NATO are buying weapons from the US at a record pace, just take a look at how many F 35's are being bought by NATO countries or Abrams tanks rocket launchers and air defense systems.

Look at the overhaul picture not just a snapshot.

 
 

Who is online

Vic Eldred


43 visitors