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☆ Russia's central bank and lenders tell each other to resolve the country's yuan supply squeeze
▼ + stars: | 2024-09-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian banks are urging the country's central bank to boost yuan liquidity amid shortages. But Russia's central bank is advising lenders to limit yuan-denominated loans. The Russian central bank said currency swaps are a short-term, not a long-term solution to yuan supply. But Russia's central bank is passing the buck back to the country's banks. In a report published on Friday, Russia's central bank advised lenders to limit the issuance of yuan-denominated loans.

Persons: — Organizations: Service, Central Bank of Russia, Business Locations: Russian, Russia's

☆ Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier
▼ + stars: | 2024-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewRussia is stepping up sanctions-evading measures to keep its international trade flowing. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters. An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift. Russia could be eying a digital-currency-based settlement systemIt isn't clear how Russia's crypto and digital currency regimes will shape up. Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents.

Persons: —, Elvira Nabiullina, Nabiullina, Vladimir Putin, Moscow hasn't, Christopher Granville, Granville Organizations: Service, Russia's, Duma —, Reuters, Business, Bloomberg, US Treasury, GlobalData, Lombard, Russia Locations: Russian, Russia, Ukraine, cryptocurrencies, Hong Kong, Moscow, China, UAE, Turkey, Austria, India

☆ Russia considers legalizing crypto for global payments as it faces ongoing sanctions
▼ + stars: | 2024-07-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Illustrative image of two commemorative bitcoins seen in front of the national flag of Russia displayed on a computer screen. Russia is considering legalizing the use of cryptocurrency for international payments as the country faces ongoing financial pressure from Western sanctions. The State Duma, which is the lower house of the Russian Parliament, will on Tuesday consider a law that permits making international payments via cryptocurrencies, Elvira Nabiullina, the governor of Russia's central bank, said Tuesday. Russia's central bank is also itself looking to move money across borders using crypto, with its chief saying crypto-based payments will take place before the end of 2024. In January 2022, the Russian central bank proposed banning the use of crypto for transactions, as well as the mining of digital currencies, citing threats to financial stability, citizens' wellbeing and monetary policy sovereignty.

Persons: Elvira Nabiullina, Nabiullina Organizations: Duma, State Duma, Russian Federation Council, RIA Novosti, Reuters, Russian Embassy, CNBC Tuesday Locations: Russia, Russian, Russia's, State, cryptocurrencies, London

☆ Some Russians are spending like no tomorrow with 'considerable' overheating in the economy
▼ + stars: | 2024-07-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Friday, the Russian central bank warned — yet again — of an overheating economy when it hiked rates from 16% to 18% in an attempt to rein in price gains. This suggests that overheating in the economy has remained considerable," said Elvira Nabiullina, Russia's central bank governor, on Friday during her rate hike announcement. Russians are traveling and spending on culture and hotelsThe rate hike from Russia's central bank comes amid a spending boom in the country where many appear to be spending very freely, even amid the war and Western sanctions, as the Financial Times reported on Friday. Russia's central bank may hike rates again if necessaryNabiullina said on Friday that Russia's GDP will grow 3.5% to 4% this year from a year ago. The central bank next meets on September 13.

Persons: —, Elvira Nabiullina, they're, Sergei Ishkov, Sawicki, Nabiullina, it's Organizations: Service, Business, Financial Times, Labour Locations: Russia, Russian, Russia's, Ukraine, Moscow, stoke

☆ Russia's business elites signal they are tired of propping up the wartime economy
▼ + stars: | 2024-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Some Russian elites are challenging the central bank's potential interest rate hike to 18%. Russia's key interest rate is at 16% after a series of hikes to tame elevated inflation and a hot wartime economy. AdvertisementSome of Russia's business elites appear to be getting impatient with the country's wartime economy. Several influential individuals have come out to publicly challenge the Russian central bank's signal that it's likely to hike interest rates on Friday. Russia's key interest rate already stands at 16%.

Persons: — Organizations: Service, Reuters, Business Locations: Russian, Ukraine

☆ Why loosening sanctions would put more pressure on Russia, according to a think tank
▼ + stars: | 2024-07-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The West could spur Russian inflation by easing sanctions on capital flows, Sergey Aleksashenko says. "Make it easier to depress the value of the ruble, make imports more expensive, and put pressure on Russian bank balance sheets." Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In a collection of policy briefs the think tank put out this month, author Sergey Aleksashenko argued that the West should ease restrictions on Russian capital outflows.

Persons: Sergey Aleksashenko, — Organizations: Service, Kremlin, Brookings, outflows, Business Locations: depreciating, Russian, Russia

A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russian sovereign assets in support of Ukraine: Moscow must make reparations. Questions have also been raised over the legality of setting such a precedent: Russia has been cut off from its frozen assets, but retains their ownership. The proposal must now pass various legal hurdles and be backed by European states, where the majority of frozen Russian assets are held. Further loans secured against the interest accrued by Russian frozen assets could be forthcoming, U.S. Treasury Secretary Janet Yellen signaled on Thursday. The annual summit comes as most of the G7 leaders face their own domestic upheavals including national elections and falling approval ratings.

Persons: Charles Michel, CNBC's Steve Sedgwick, Joe Biden, Volodymyr Zelenskyy, Putin, we're, Biden, Michel, Janet Yellen, Yellen, We're, Russia's, Ursula von der Leyen, Georgia Meloni Organizations: U.S, West, . Security, Kyiv, Treasury, Bank, European Commission Locations: Ukraine, Moscow, Russia, Russian, Canada, France, Germany, Italy, Japan . U.S, Kuwait, U.S, Borgo Egnazia, Puglia

☆ Live Updates: U.S. to Sign 10-Year Pact With Ukraine as G7 Leaders Meet
▼ + stars: | 2024-06-13 | by ( David E. Sanger | Steven Erlanger | ) www.nytimes.com time to read: +8 min

Mr. Biden and Mr. Zelensky will meet on Thursday and sign a security agreement, said Jake Sullivan, Mr. Biden’s national security adviser. Mr. Biden faces the hurdle of convincing his allies, starting with Mr. Zelensky, that the United States plans to stay in the fight with Ukraine, no matter what happens in November. Mr. Biden told Mr. Zelensky last week, in France, that “I apologize for the weeks of not knowing what was going to pass,” and put the onus on Republicans in Congress. During a trip to Normandy last week, Mr. Biden appeared to have persuaded France, one of the last holdouts, to support the deal. “The administration has been quick to get aid to Ukraine once Congress moved, and that’s to its credit,” he said.

Persons: Biden, Volodymyr Zelensky, Mr, Zelensky, Jake Sullivan, “, ” Mr, Sullivan, we’ll, ”, Vladimir Putin, Pope Francis, Donald J, Trump, Rishi Sunak, Emmanuel Macron, Biden’s, Vladimir V, Putin, Claudia Greco, John E . Herbst, Evelyn Farkas, Barack Obama, Ms, Farkas, ” Alan Rappeport Organizations: Ukraine, U.S, Kremlin, Group, Air Force, “, hobble, NATO, Mr, Reuters, European, World Bank, Eurasia Center, Atlantic Council, United, McCain Institute, Arizona State University Locations: Ukraine, United States, Italy, Israel, Russia, hobble Russia, Europe, France, Congress, Savelletri, Normandy, Belgium’s, U.S, Eurasia

☆ New US sanctions against Russia force end of dollar and euro trading on Moscow Exchange
▼ + stars: | 2024-06-13 | by ( ) edition.cnn.com time to read: +3 min

New US sanctions against Russia have caused an immediate suspension of trading in dollars and euros on the country’s leading financial marketplace, the Moscow Exchange. “Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in US dollars and euros are suspended,” the central bank said. The move means banks, companies and investors will no longer be able to trade either currency via a central exchange, which offers advantages such as better liquidity and oversight. The central bank said it would use data from those trades to set official exchange rates. The central bank reassured people these deposits were secure.

Persons: MOEX Organizations: Moscow Exchange, Moscow Exchange Group, “, Reuters, Moscow, Norvik Bank, Tsifra Bank, US Treasury, Investments, Forbes Russia, MOEX, Clearing Locations: Russia, Moscow, Russian, Washington, Ukraine, United States, Beijing, ”

☆ Yellen: More Ukraine aid can be backed by frozen Russian assets after initial $50 billion loan
▼ + stars: | 2024-06-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said Thursday that the $50 billion loan to Ukraine that President Joe Biden and other leaders of Group of Seven highly developed nations have agreed to could be the first of multiple loans backed by frozen Russian assets. The $50 billion loan will be backed with at least $260 billion worth of frozen Russian central bank assets as collateral. "While we're trying to move quickly on this, I can't give any type of timeline as to when money would actually start flowing to Ukraine," Yellen said. If necessary, the U.S. will commit the entire $50 billion, a senior administration official told reporters Thursday on a press call. "I think it's important for Putin to realize that we remain completely united in support of Ukraine," Yellen said.

Persons: Janet Yellen, Joe Biden, Yellen, We're, Biden, Putin Organizations: Treasury, Economic, of New, Union, Washington, Russia Locations: of New York, New York City, U.S, Ukraine

☆ It's not just convicts. Russia is forcing its African migrants and students to fight for them in Ukraine.
▼ + stars: | 2024-06-10 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Read previewRussia is forcing thousands of African migrants and students to join in their war efforts against Ukraine, Bloomberg reported on Sunday, citing assessments from European officials. According to Bloomberg's report, Russian officials have threatened not to renew the visas of African migrant workers and students if they didn't join the Russian Armed Forces. Some African workers have even been threatened with deportation if they do not agree to fight in Ukraine, one European official told Bloomberg. Russia's reliance on attrition warfare has seen it continually drawing on its prison population to fuel its war effort. Russia's prison population stood at 420,000 before the war.

Persons: —, Vsevolod Vukolov, Elvira Nabiullina Organizations: Service, Ukraine, Bloomberg, Russian Armed Forces, Business, Washington Post, Russian, Kommersant, Central Bank Gov, BI Locations: Russia, Ukraine, Russia's

☆ U.S. and Europe Move Closer to Using Russian Assets to Help Ukraine
▼ + stars: | 2024-05-19 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States and Europe are coalescing around a plan to use interest earned on frozen Russian central bank assets to provide Ukraine with a loan to be used for military and economic assistance, potentially providing the country with a multibillion-dollar lifeline as Russia’s war effort intensifies. Treasury Secretary Janet L. Yellen said in an interview on Sunday that several options for using $300 billion in immobilized Russian assets remained on the table. But she said the most promising idea was for Group of 7 nations to issue a loan to Ukraine that would be backed by profits and interest income that is being earned on Russian assets held in Europe. The urgency to find a way to deliver more financial support to Ukraine has been mounting as the country’s efforts to fend off Russia have shown signs of faltering. “It would generate a significant up-front amount that would help meet needs we anticipate Ukraine is going to have both militarily and through reconstruction.”

Persons: Janet L, Yellen, “, Ms, ” Organizations: Finance Locations: States, Europe, Ukraine, Italy, Russia, Germany

☆ The US and the West are facing the blowback of sanctions against Russia, economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed. Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain. Even the US dollar may end up worse off due to sanctions, Rubin said. Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year. "Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.

Persons: —, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin Organizations: Service, Business, The Globe, Federal Reserve Board, Bank of Canada Locations: Russia, Ukraine, China, Russian

☆ House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week
▼ + stars: | 2024-04-14 | by ( ) www.cnbc.com time to read: +6 min

US Speaker of the House Mike Johnson, Republican of Louisiana, waits to speak during a news conference after a closed-door House Republican caucus meeting on Capitol Hill in Washington, DC on February 29, 2024. House Speaker Mike Johnson said Sunday he will try to advance wartime aid for Israel this week as he attempts the difficult task of winning House approval for a national security package that also includes funding for Ukraine and allies in Asia. Johnson told Fox News Channel's "Sunday Morning Futures" that he and Republicans "understand the necessity of standing with Israel" and he would try this week to advance the aid. Meanwhile, senior GOP lawmakers who support aid to Ukraine are growing frustrated with the months-long wait to bring it to the House floor. "We pass the Senate bill, it goes straight to the president's desk and you start getting the aid to Ukraine immediately.

Persons: Mike Johnson, Johnson, Israel, Mike Turner of Ohio, Biden, John Kirby, Kirby, Donald Trump, Trump, he's, Marjorie Taylor Greene, Greene, Turner, Gregory Meeks, Henry Cuellar Organizations: Republican, Capitol, Sunday, Fox, GOP, House Intelligence, Natural Gas, White House, NBC, Ukraine, White, Trump, Republicans, Washington, Senate, Democrats, House Foreign Affairs, Texas Democrat Locations: Louisiana, Washington , DC, Israel, Ukraine, Asia, U.S, Gaza, Taiwan, Iran, Mexico, White, Florida, Georgia, Russia, United States, Texas

☆ European diplomats in DC scramble to gain access to Trump allies for insights
▼ + stars: | 2024-04-11 | by ( Kylie Atwood | ) edition.cnn.com time to read: +12 min

“We are not that nervous because we know that with Trump it is all about relationships,” said one veteran European diplomat who has been in DC since the Trump administration. “The logic of doing it at Heritage was not lost on us,” said Victoria Coates, a deputy national security advisor to former President Trump who is now a vice president at the think tank. The comments sent European diplomats into over-drive, eager to understand exactly what Trump meant. “If they are worried about how President Trump is going to react to them, they hold it in their hands to do something about it,” Coates said. But European diplomats are not only worried about NATO.

Persons: Donald Trump, jostle, Trump, of National Intelligence John Ratcliffe, Mike Pompeo, Robert O’Brien, Keith Kellogg, Mike Pence’s, Hillary Clinton, they’ve, ”, –, David Cameron, Antony Blinken, Cameron, Jens Stoltenberg, Jim Lo Scalzo, Stoltenberg’s, Victoria Coates, Stoltenberg, ” Coates, nodded, James Carafano, “, it’s, “ He’s, Mike Johnson, Vladimir Putin, Volodymyr Zelensky Organizations: CNN, White, NATO, Ukraine, Trump, of National Intelligence, National, European Union, Republican, Russian Central Bank, EU, British, Heritage Foundation, Heritage, GOP, Putin Locations: Washington, Russia, European, Europe, Ukraine, Brussels, West, Russian, South Florida, Brexit, ”, Washington ,, “

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ Russia says its economy is off to a — mostly — roaring 2024
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Central Bank of Russia is maintaining a 16% interest rate due to a thriving economy. AdvertisementRussia's economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check. Even the Russian central bank appeared to be taken aback by how well the economy was doing. Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank. On Friday, Russia's central bank said it sees limited options other than the Chinese yuan for its reserves.

Persons: —, Elvira Nabiullina Organizations: Central Bank of Russia, Service, International Monetary Fund Locations: Russian, Ukraine, Russia, Russia's

☆ Russia's economy is now so isolated that it has few options other than the Chinese yuan for its reserves
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.

Persons: —, Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU

WASHINGTON (AP) — For over a month, House Speaker Mike Johnson has sat on a funding package that would send desperately needed ammunition and weaponry to Ukraine, mulling how best to gain a grasp of what is expected to be a difficult lift in the House. The Republican speaker has indicated he will attempt to push for approval of tens of billions in wartime funding for Ukraine, as well as Israel, once the House returns in April. “We'll turn our attention to it and we won't delay on that,” the Louisiana representative said of the Ukraine package at a news conference last week. Rep. Marjorie Taylor Greene, a far-right Republican from Georgia, has filed a motion to vacate Johnson as speaker and warned him not to put Ukraine funding on the House floor. Before becoming speaker, Johnson was deeply skeptical of approving funding for Ukraine and voted repeatedly against it.

Persons: Mike Johnson, “, Johnson, Gregory Meeks, Marjorie Taylor Greene, ” Greene, ” Johnson, Ronald Reagan, ”, Michael McCaul, Greene, Don Bacon, Shelby Magid Organizations: WASHINGTON, Republican, Ukraine, NATO, Rep, House Foreign Affairs Committee, Capitol, Senate, Kyiv, Republicans, Democrats, Senior Republicans, House Foreign Relations, CBS, House, Eurasia Center, Atlantic Council Locations: Ukraine, Israel, Louisiana, Russia, Kyiv, Georgia, Gaza, Washington, “, Europe

☆ 3 ways Russia's war-time economy is set to weaken after a surprisingly strong 2023
▼ + stars: | 2024-03-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewRussia's economy is set to weaken this year, according to researchers from Finland's central bank. Russia won't be able to maintain the surprisingly strong growth it saw, the Bank of Finland's Institute for Emerging Economies said in a recent report. That's a stark contrast from what Russia saw last year, with its economy growing 3.6%, according to Russia's federal statistics service. Russia's long-term potential growth rate, in particular, has been reduced by the shift to a wartime economy," the report said. AdvertisementThe report pointed to three areas of the Russian economy that could take a hit.

Persons: — Organizations: Service, Bank of Finland's Institute, Emerging Economies, Business, Russia, Ukraine, United Nations, Russian Academy of Science's Institute of Economics Locations: Russia, Russian, Ukraine, Moscow

BRUSSELS (AP) — The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The move comes as Ukraine runs dangerously low on munitions, and U.S. efforts to get new funds for weapons have stalled in Congress. A small group of member countries, notably Hungary, refuse to supply weapons to Ukraine, so these windfall profits would be divided up. The European Central Bank, or ECB, has warned in the past against seizing Russian assets as this could undermine confidence in the euro currency and EU markets. But Borrell said that no assets would be taken, only the windfall profits they make.

Persons: Josep Borrell, “, ” Borrell, Borrell, Alexander De Croo Organizations: Ukraine, EU, European, Parliament, European Central Bank, ECB, Belgian Locations: BRUSSELS, Europe, Brussels, Ukraine, U.S, Russian, Belgium, Hungary, russia, ukraine

☆ Explainer-How the West Might Use Russia's Frozen Reserves
▼ + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

Here are some of the ideas that have been suggested:CONFISCATIONSome international policymakers and lawyers say the immobilised Russian reserves can simply be confiscated under a doctrine of international law known as "countermeasures". Some in the bloc are still wary, though, and the European Central Bank has warned that claiming the trapped Russian assets should only be done in tandem with G7 powers. The bondholders would not have a contractual claim on the Kremlin’s frozen reserves. Ukraine would have a plausible way to collect on any damages awarded up to the value of the reserves. If Moscow refused to pay the damages, the allies could then use Russia’s frozen assets to pay off the loan.

Persons: Marc Jones, Lee Buchheit, Daleep Singh, Mark Heinrich Organizations: Marc Jones LONDON, Emergency Economic, U.S, European Central Bank Locations: Ukraine, Russia, Kuwait, United States, EU, Russian, Brussels, Belgium, U.S, Britain, China, Hong Kong, Dubai, Moscow

☆ Leaders should consider using frozen Russian assets to bolster Ukraine’s military, EU's von der Leyen says
▼ + stars: | 2024-02-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

The European officials and Canada's Prime Minister are visiting the capital Kyiv on the second anniversary of the start of the Russian full-scale invasion in Ukraine. (Photo by STR/NurPhoto via Getty Images)European leaders should discuss using the profits from frozen Russian assets to boost Ukraine's military in its defence efforts against Moscow, European Commission President Ursula von der Leyen said Wednesday. "It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," she said in a speech before the European Parliament. "There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," von der Leyen noted. Crucially, frozen assets are, by definition, temporarily retained rather than fully seized with the ability for reallocation.

Persons: Ursula von der, Belgium Alexander De Croo, Giorgia Meloni, Canada Justin Trudeau, Ukraine Volodymyr Zelensky, Ursula von der Leyen, von der Leyen, Von der, Janet Yellen, Russia's Organizations: Canada's, Getty Images, European Union, Treasury, . Security, Bank Locations: Belgium, Italian, Canada, Ukraine, Kyiv, Russian, Moscow, Europe, Kuwait

☆ Divisions Among Finance Ministers Flare Over Seizing Russian Assets
▼ + stars: | 2024-02-28 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Divisions among the world’s top economic officials over how to use Russia’s central bank assets to support Ukraine spilled into public view on Wednesday when Bruno LeMaire, France’s finance minister, said that seizing the frozen assets would be a violation of international law. The comments, made on the sidelines of the gathering of finance ministers of the Group of 20 nations in Brazil, came a day after Treasury Secretary Janet L. Yellen said that seizing the assets was a possibility and suggested that there was a legal justification for doing so. Officials from the Group 7 advanced economies have been debating for months over whether they could legally seize more than $300 billion in Russian central bank assets stashed in Western nations and use those funds to aid Ukraine. Those discussions have taken on greater urgency amid waning political support in the United States and Europe to continue to provide Ukraine with economic and military support. Ms. Yellen, who initially had reservations about the viability of freezing or seizing Russia’s assets, offered her most explicit public support to date on Tuesday for the idea of unlocking “the value” of Russia’s immobilized assets.

Persons: Bruno LeMaire, Janet L, Yellen Locations: Ukraine, Brazil, Russian, United States, Europe

☆ Putin appears unstoppable, but even he 'doesn't know where the tolerance of the Russian people lies,' an economic historian said
▼ + stars: | 2024-02-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's economy appears resilient amid its war with Ukraine which has entered its third year. Military spending has reached 40% of Russia's budget, overshadowing social spending. AdvertisementDespite sweeping Western sanctions over the invasion of Ukraine, Russia posted a GDP growth of 3.6% in 2023 after contracting 1.2% in 2022. Experts say Russia's growth is driven primarily by war spending and subsidies. An International Monetary Fund official told CNBC earlier this month that Russia's economy is starting to look like the Soviet Union's.

Persons: —, Putin, Mark Harrison, Harrison, Alexandra Prokopenko Organizations: Guardian, Military, Service, Warwick University, Monetary Fund, Foreign Affairs, Carnegie Russia Eurasia Center, Center of Eastern European, International, International Monetary Fund, CNBC Locations: Ukraine, Moscow, Russia, Russian, Soviet Union, Soviet

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