At the spring meetings of the IMF and World Bank in D.C., U.S. officials pushed Europeans to use some of the Russian central bank reserves that were frozen.
, ending six months of squabbling over continued U.S. funding of the war against Russia.At the annual spring meetings of the International Monetary Fund and World Bank in Washington this past week, U.S. officials pushed reluctant Europeans to use some of the $280 billion in Russian central bank reserves that the allies froze in the war’s opening hours.
Events are moving more quickly on the battlefield, where the Kremlin has been grinding out gains. Russian forces in recent days made “relatively significant tactical advances” outside of Avdiivka in eastern Ukraine, according to theEuropean officials have balked at confiscating the Russian assets, fearing it could breach international law, discourage investors from trusting the euro and invite Russian retaliation.
French Finance Minister Bruno Le Maire told reporters Wednesday that officials were discussing the European Commission’s March proposal to transfer to Ukraine about 3 billion to 5 billion euros annually. That sum, representing interest earned on the immobilized assets, could narrow Kyiv’s budget deficit or help it acquire additional military hardware.of shells, bullets and air defense systems.
“If they can find a sensible way to start using Russian resources to transfer money to Ukraine, even if modest amounts, the symbolic significance cannot be overstated,” Prasad said.
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