DIRS.INFO The most relevant business & tech news

☆ The EU wants to skim $3 billion a year in interest from frozen Russian assets and give it to Ukraine
▼ + stars: | 2023-06-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The EU is considering using the interest generated from frozen Russian assets to help rebuild Ukraine, per CNN. The bloc has been considering seizing frozen Russian assets for this purpose since last year. "It's the best way of using these assets in accordance with EU and international law," Anders Ahnlid, the director general Sweden's national trade board, a government agency, and the head of the EU working group looking into frozen Russian assets, told CNN. This means it would take at least 124 years to help rebuild Ukraine if the interest proceeds were the only funding source. Other options that the EU has considered over the last year include seizing Russian assets and reinvesting the proceeds, or taxing their profits.

Persons: —, Anders Ahnlid, Tiffany Comprés, Comprés, Janet Yellen Organizations: CNN, Service, European, World Bank, EU, FisherBroyles, United Nations, Criminal, Kremlin, European Commission Locations: Ukraine, European Union, United States

☆ Rebuilding Ukraine after the war could cost $411 billion. The EU thinks an estimated $3 billion interest generated from frozen Russian assets every year could help.
▼ + stars: | 2023-06-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The EU is considering using the interest generated from frozen Russian assets to help rebuild Ukraine, per CNN. The bloc has been considering seizing frozen Russian assets for this purpose since last year. The assets would likely generate about 3 billion euros, or $3.3 billion, each year, he told the network. This means it would take at least 124 years to help rebuild Ukraine if the interest proceeds were the only funding source. Other options that the EU has considered over the last year include seizing Russian assets and reinvesting the proceeds, or taxing their profits.

☆ $200 billion in frozen Russian assets could help rebuild Ukraine. Europe is trying to figure out how
▼ + stars: | 2023-06-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Russian assets frozen in European accounts could generate billions of dollars a year for rebuilding Ukraine. One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched. This approach would probably deliver about €3 billion ($3.3 billion) a year, according to Anders Ahnlid, the director general of the Swedish National Board of Trade and head of the EU working group looking into frozen Russian assets. The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at €140 billion ($153 billion), boosted by payments associated with frozen Russian assets, including bonds. Euroclear routinely invests such long-term cash balances and, in the first quarter, it recorded €734 million ($802 million) in interest earned on cash balances from sanctioned Russian assets.

Persons: Anders Ahnlid, “, ” Ahnlid, ”, Euroclear, Arturs Krišjānis Kariņš, John Thys, I’m, ’, ” — James Frater Organizations: London CNN, Union, Bank, EU, Swedish National Board of Trade, CNN, European Commission, European Central Bank, ECB, Group, Latvia’s, Latvia's, European Locations: Ukraine, Brussels, Russia, EU, Belgium, AFP, Europe

☆ How long will it take for Ukraine's economy to recover? Previous wars offer some clues
▼ + stars: | 2023-06-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The World Bank and the European Commission have estimated that the total cost of reconstruction of Ukraine has surpassed $400 billion. The European Union is looking at how to use frozen Russian assets in the region to help pay for the rebuilding of Ukraine. "We know that there is more than 200 billion euros in Russian central bank's assets in European countries. And in addition to that, there is also around 20 billion euros of private frozen assets," Ahnlid said. Even though the conflict is ongoing, which complicates the rebuilding efforts, Ukraine hopes to attract international support from other governments and private investors.

Persons: Anders Ahnlid, Ahnlid, Volodymyr Zelenskyy, Larry Fink Organizations: World Bank, European Commission, European, CNBC, Ukraine, BlackRock, EU, JPMorgan Locations: Ukraine, Kyiv

☆ Europe wants to use Russia's assets to pay for Ukraine's reconstruction — here's how it might work
▼ + stars: | 2023-06-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

European officials are looking at ways to use Russian assets to repay for the reconstruction of Ukraine. The European Union is getting closer to brokering a detailed plan on how to use frozen Russian assets to pay for the reconstruction of Ukraine, a senior official told CNBC. The EU has confirmed that there are more than 200 billion euros ($215.5 billion) and a separate 20 billion euros ($21.5 billion) in assets across the bloc that belong to the Russian central bank and to Russian private individuals, respectively. These assets were frozen by European authorities in the wake of Russia's invasion of Ukraine to sanction the Kremlin for its aggression. She added at the time that these funds should also be put toward the reconstruction efforts, once the war is over and sanctions are lifted off the frozen assets.

Persons: Sweden's Anders Ahnlid, Ahnlid, Ursula von der Leyen, von der Leyen, Jacob Kirkegaard Organizations: European, CNBC, EU, Monday, Peterson Institute for International Economics, Bank, European Commission, United Nations Locations: Ukraine, Russian, Russia, Ukrainian, Nova

London CNN —The European Union is setting up a working group to examine whether frozen Russian assets can be used to rebuild Ukraine. The statement added that part of this work would involve obtaining a “clearer picture” of where Russian state-owned assets are located and their value. “In principle, it is clear-cut: Russia must pay for the reconstruction of Ukraine,” Swedish Prime Minister Ulf Kristersson said. A senior EU official estimated earlier this month that the European Union and Western allies had frozen more than $300 billion in Russian central bank assets that could potentially be used to rebuild Ukraine. The European Union is also working on a tenth package of sanctions against Russia.

☆ EU seeks to use frozen Russian funds to rebuild Ukraine
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

OSLO, Feb 14 (Reuters) - The European Union will on Wednesday launch an ad hoc group to investigate how billions of dollars in frozen Russian funds, including central bank reserves, can be used for reconstruction work in Ukraine, the Swedish government said on Tuesday. "The mandate is to contribute to mapping which funds have been frozen in the European Union ... and secondly how to legally proceed to access those funds," Swedish Prime Minister Ulf Kristersson told a news conference in Stockholm. "It's Russian tax payers, not all other tax payers, who must bear the cost of the necessary reconstruction work," Kristersson added. Among the key assets will be Russian central bank funds expected to amount to tens of billions of dollars, Ahnlid said. "The EU has never before used frozen funds for the reconstruction of a war-torn country, so we are in a sense chartering new territory," Ahnlid added.

Search resuls for: "Ahnlid"

7 mentions found