Germany warms to US plan to tap frozen Russian assets for Ukraine funds

Germany warms to US plan to tap frozen Russian assets for Ukraine funds In an about face, German officials are ready to support a US plan to leverage the future revenue generated from frozen Russian assets — mostly stranded in Europe — to back $50 billion in aid to Ukraine, according to people familiar with the discussions, R
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May 21, 2024 09:36
Germany warms to US plan to tap frozen Russian assets for Ukraine funds

In an about face, German officials are ready to support a US plan to leverage the future revenue generated from frozen Russian assets — mostly stranded in Europe — to back $50 billion in aid to Ukraine, according to people familiar with the discussions, Report informs via Bloomberg.

Germany’s assent could be a crucial step that brings Washington and its allies closer to securing a substantial new aid package for Kyiv and ensuring US engagement regardless of the outcome of the November election.

US and EU officials say momentum is gathering behind the US proposal, which is expected to dominate talks between finance ministers and central bank governors from Group of Seven nations gathering in Stresa, Italy, for their annual meeting starting Thursday.

But German officials don’t expect any final agreement until G-7 leaders meet June 13-15, nor implementation to take place until next year, said the people, who spoke on condition of anonymity.

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