Latest news with #UkraineReconstruction
Russia Today
10 hours ago
- Business
- Russia Today
Putin explains what will happen if West ‘robs' Russia's reserves
Any attempt by the West to seize Russia's frozen reserves would set off an irreversible shift toward regional payment systems, which would ultimately benefit the global economy, President Vladimir Putin has said. An estimated $300 billion worth of Russian sovereign assets were frozen by the West following the escalation of the Ukraine conflict in February 2022. Around €200 billion ($209 billion) is held by Euroclear, a Brussels-based clearing house. EU foreign policy chief Kaja Kallas has repeatedly called for the funds to be tapped for Ukraine's reconstruction, although some member states have pushed back on the idea. There's constant talk in the West 'about how they are going to steal our money,' Putin said at the Eurasian Economic Forum in Minsk on Thursday. 'As soon as it happens, the shift toward regional payment systems will accelerate and undoubtedly become irreversible,' he said, adding that ultimately that would be a good thing for the global economy. 'Maybe it's even worth paying the price for that,' the president argued. Putin added upon further reflection that the term 'theft' was insufficient. 'Theft is the secretive taking of property – this is open. This is robbery,' he said. 'We're determined to continue strengthening our own financial and settlement instruments in this regard,' Putin stressed. The frozen funds have already accrued billions of euros in interest, $1.63 billion of which Euroclear transferred to Kiev last July to back a $50 billion loan for Ukraine provided by the G7. Brussels is currently discussing ways to extract more revenue from the immobilized assets without violating international legal norms. The International Monetary Fund has warned that outright seizure could damage global trust in Western financial institutions. Discussions among member states about confiscating the assets have been ongoing for more than three years without any resolution. Moscow has condemned the freezing of its assets and has hinted at possible retaliatory measures against Western investments and property in Russia.
Arab News
13-05-2025
- Business
- Arab News
Ukraine completes steps for minerals deal with US, deputy prime minister says
Ukraine has concluded procedures for implementation of a deal with the United States on exploiting minerals, including the operation of an investment fund, the country's first deputy prime minister said on Tuesday. Yulia Svyrydenko gave few details of the latest step in securing approval of the accord, promoted by US President Donald Trump, but it was known that two additional documents were drawn up as part of its implementation. 'Another milestone on the path to launching the United States-Ukraine Reconstruction Investment Fund: Ukraine has completed all necessary procedures on schedule,' Svyrydenko wrote in English on social media. She said a note certifying completion of the process had been handed to interim US Charge d'Affaires Julie Davis. 'These are equal agreements — forward-looking, aligned with Ukraine's national interests, and structured to ensure investment flows exclusively into Ukraine's recovery and growth,' Svyrydenko wrote. After weeks of tough negotiations following a shouting match between President Volodymyr Zelensky and Trump in the Oval Office, Svyrydenko signed the minerals agreement in Washington and it was ratified last week by the Ukrainian parliament. After that vote, Svyrydenko described the accord as 'not merely a legal construct — it is the foundation of a new model of interaction with a key strategic partner.' The minerals agreement hands the United States preferential access to new Ukrainian minerals deals and sets up the investment fund, which could be used for the reconstruction of Ukraine for the first 10 years. Ukraine also sees the deal as a way to unlock supplies of new US weapons, especially additional Patriot air defense systems it sees as vital to protect against Russian air attacks. Zelensky hailed the reworked draft of the agreement as a marked improvement over earlier versions that some critics in Ukraine had denounced as 'colonial.' The accord also acknowledges Ukraine's bid to join the European Union.
Newsweek
30-04-2025
- Business
- Newsweek
US and Ukraine Sign Rare-Minerals Economic Deal: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The United States and Ukraine finalized an agreement Wednesday granting Washington privileged access to Ukraine's natural resources—a strategic move by Kyiv aimed at reinforcing President Donald Trump's support in ongoing ceasefire negotiations with Russia. The deal allows U.S. firms priority access to new investment projects involving key resources such as aluminum, graphite, oil and natural gas. Ukrainian officials view the agreement as vital to maintaining Trump's goodwill as his administration intensifies efforts to broker an end to the war launched by Russia's full-scale invasion more than three years ago. U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky meet in the Oval Office at the White House on February 28, 2025, in Washington, DC. U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky meet in the Oval Office at the White House on February 28, 2025, in Washington, DC. Associated Press Yulia Svyrydenko, Ukraine's Minister of Economy, wrote on X, formerly Twitter, "On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a United States–Ukraine Reconstruction Investment Fund. Together with the United States, we are creating the Fund that will attract global investment into our country." Treasury Secretary Scott Bessent posted on X, "Thanks to @POTUS @realDonaldTrump's tireless efforts to secure a lasting peace, I am glad to announce the signing of today's historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help accelerate Ukraine's economic recovery. Economic security is national security. He added in his post that the U.S. International Development Finance Corporation "will work closely with the Government of Ukraine to establish this fund, and we look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people." This is a developing news story and will be updated as more information is available.
