Biden and Macron supported the use of profits from Russian assets

French and US Presidents Emmanuel Macron and Joe Biden supported Kyiv's use of profits from Russian assets. A statement by both leaders was published on the White House website.

"The Presidents commit to supporting the European Union and the G7 in their efforts to secure windfall profits from immobilized Russian sovereign assets for Ukraine," the statement reads following Biden's visit to France.

Following the start of the military operation in Ukraine, the EU and G7 countries blocked approximately $280 billion (€260 billion) of the Russian Central Bank's assets in the form of cash and securities, according to the US Treasury Department . In 2022, the Russian Ministry of Finance estimated this amount at approximately $300 billion. Most of the assets are held in the Belgian Euroclear.

At the same time, the two leaders expressed concern about arms supplies to RUSSIA from Iran and North Korea, as well as Moscow's purchase of Chinese "dual-use materials and components for military production." Since the start of the special operation, Russian authorities have repeatedly denied arms supplies from other countries, as well as the purchase of components needed for the military-industrial complex from CHINA.

Western countries and Kyiv have repeatedly called for the use of Russian assets for Ukraine's reconstruction. As of the end of 2023, the European Commission estimated the damage to the country at $486 billion. Ukrainian President Volodymyr Zelenskyy believes $1 trillion is needed for reconstruction.

In early June, US Treasury Secretary Janet Yellen spoke about the idea of ​​providing Ukraine with a loan repaid using revenue from Russian assets. According to her, the G7 countries (the US, UK , Germany , Italy , CANADA , France , and Japan ) are currently discussing this possibility, but no decision has yet been made. According to sourcesREUTERS , we may be talking about $50 billion.

Moscow noted that any action against the frozen assets would be perceived as "theft of Russian property." The Kremlin warned that their confiscation would be "a solid nail in the future coffin" of the Western economy and "the subject of legal proceedings."