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Almost two years into the war in Ukraine, the US is struggling with funding Ukraine amid issues with the budget and the border and other issues of domestic and international concern.
So the news that the US, along with other Western nations in the G7, are looking at a new source of funding for Ukraine: the $300 billion in frozen Russian assets. They’re considering spending this money to continue funding the war:
Exclusive: Western nations have intensified talks in recent weeks on spending some of the roughly $300bn in immobilised Russian sovereign assets to fund Ukraine, a radical step that would open a new chapter in the west’s financial warfare against Moscow https://t.co/PUKq4OPncc pic.twitter.com/s0oRYlRqte
— Financial Times (@FT) December 15, 2023
The Financial Times reports:
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https://www.ft.com/content/918645f8-e0b6-4cab-92fa-4f965569c2a6
Western nations are actively exploring ways to seize Russian central bank assets to fund Ukraine as political disputes in the US and Europe threaten its flow of financial support.G7 officials have intensified talks in recent weeks on spending some of the roughly $300bn in immobilised Russian sovereign assets, a radical step that would open a new chapter in the west’s financial warfare against Moscow.The push comes as two crucial financial aid packages for Ukraine worth more than $100bn faltered this week, as Republicans in the US Congress and Viktor Orbán of EU member Hungary took a stand against funding Kyiv.Seizing Russian assets could provide an alternative stream of funding for Kyiv, especially given the expected huge costs of postwar reconstruction.
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There are issues with using the frozen funds to finance the ongoing war.
The rule of law ignored is a slippery slope toward tyranny. Property rights and due process are fundamental to modern democratic civilization. But hey other than that it’s a great idea to seize Russian sovereign assets for short-term political gain.🙄🤔
— Successful Portfolios LLC (@InvestwithSP) December 16, 2023
This sounds a lot like civil asset forfeiture, on an international scale.
There’s a lot of mistrust of Western nations for doing this, and people who aren’t happy with the decision to use these assets to fund the war.
The rest of “non western world” should well remember this…don’t park your asset in the west. Westoids are bunch of greedy thieving hypocrites that cannot be trusted.
— Randommartyr (@randommartyr) December 16, 2023
The reputation of the West is getting harmed by this.
Seems western nations are both loosing financially and on the battle ground, NATO will fall.
— BR!AN. (@gitaachu) December 16, 2023
The war has been going on for almost two years, and Ukraine is not anywhere near winning, even though Zelenskyy has said they will win, no matter what.
After that the next could be any country, “friend” of the USA.
— rugo (@rugosoo) December 17, 2023
This is a fair point.
This is not good. I don’t think this will end well
— JN AJIYAT (@EngrJanz) December 15, 2023
Only time will tell, but it seems unwise to keep poking the bear that is Russia.
Oh this is certainly going to backfire.
— Nathaniel Downes (@downix) December 16, 2023
There is a possibility it could. Russia apparently has a hypersonic missile that can hit any global target within 30 minutes and, according to Putin, can’t be stopped by any defense system. Seems risky.
The West has been doing this for decades to African dictators. Doing this to a country like Russia would be a whole new ballgame and a dangerous one. https://t.co/7twoUT5HOe
— Phryne Astynome (@PAstynome) December 16, 2023
It could be a very dangerous game.
Thr transfer of funds from Russian oligarchs to Ukrainian oligarchs…
— markollyn (@mark0llyn) December 16, 2023
That’s one way of looking at it.
There is absolutely nothing wrong with Ukraine receiving funding for having to rebuild their Country. Even more so if it’s from the country that did this to them. If you don’t want to support financially at least stand up for this. pic.twitter.com/9BqmkUb82R
— Karl Tous (@KarlTous) December 16, 2023
A fair point, we suppose.
Again where is the manpower and equipment coming from? https://t.co/xf6H24bp6E
— AX (@A_XENOP) December 17, 2023
Another question that won’t be answered, most likely.
I stand with and for Europe and the EU not Zelensky!
End the funding!#VDLOut https://t.co/gQhpeilTd7
— Glenny 🇪🇺🇪🇸 #RejoinTheSM #AntiDuopoly (@Gl3nny5705) December 16, 2023
There are a lot of people who want to end the funding to Ukraine.
Others think this is the right move, especially since some nations, like the US, have hesitated on continuing to give funds to Ukraine.
It’s starting to look a lot like Christmas.
— David Schutzman (@AlexGrey_Friend) December 16, 2023
For who, is the question, we suppose.
This is smart policy and the U.S. shld lead (although Canada has already done it, so I guess follow Canada?) https://t.co/ZViY52P7Tl
— Rebeccah Heinrichs (@RLHeinrichs) December 16, 2023
Huh. Follow Canada. Interesting that the US didn’t take the lead on this.
Do it https://t.co/UVwV7JmsRT
— Jack Ryan 🇺🇸🇺🇦 (@jackryan212) December 17, 2023
This seems to be the consensus.
Give it all to Ukraine. Teach those who yearn for empire a lesson. China needs to witness it and internalize it as well. https://t.co/1b7nUA6efc
— Unbranded (@Unbranded63) December 16, 2023
There’s always a risk of pushing Russia and China together over this, and then what lesson will they learn?
Should have been done long ago 👇 https://t.co/bzHbpWYRGQ
— Stephan Jensen (@StephanAJensen) December 17, 2023
The US has sent $75 billion to Ukraine so far, so $300 billion in assets won’t last too terribly long.
Terrorizing Moscow elites by Western powers is something I could root for. https://t.co/Z8EZulQJb9
— 🇺🇸 🇺🇦 الشيخ فيتزجيرالد (@sheikh_fitz) December 16, 2023
Others seem to share this sentiment.
The poor history teachers who will have to answer the question from their pupils “What, why did it take them 2 years to do this?!” https://t.co/Rk0xTkFmxi
— Evelyn 👩🏻🎓👊🏼 (@Evelyn__020) December 16, 2023
Another question that probably won’t be answered any time soon.
Why wasn’t this the first money spent instead of picking our pockets?? https://t.co/wkIDoVMW6u
— Brandon Weichert (@WeTheBrandon) December 17, 2023
Who knows? Who makes these decisions?
Using Russian assets to help make up some of the consequences of Russia’s war of aggression makes sense on many levels. https://t.co/uxxwtn94ye
— Daniel Fried (@AmbDanFried) December 16, 2023
On one hand, yes, it makes sense to use these funds rather than make taxpayers foot the bill. On the other, using seized assets smacks of theft on an international level.
Reparations in real time. This is a no brainer. Get it done. https://t.co/RJtOpEL4aH
— Jonathan H 🇺🇦 (@Jonnyhibberd) December 16, 2023
But there will be consequences for this. The only question that remains is: what and when?
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