Ukraine has received the first billion dollars from funds seized by the United States from Russia, announced Prime Minister Denys Shmyhal.
This is the initial installment of $20 billion that the US intends to provide Ukraine as part of the G7 initiative.
“We are grateful to our partners, the US and the World Bank, for taking this important step toward justice,” Shmyhal added.
On December 20, Shmyhal announced that Ukraine is already receiving American funds as part of a $50 billion G7 loan covered by profits from frozen Russian assets, reported The Kyiv Independent.
The Kremlin, on the other hand, claims this is “theft.”
According to Kremlin spokesperson Dmitry Peskov, a legal challenge against this US action may soon be initiated.
“These funds were stolen from us; the blocking of our assets is absolutely illegal and violates all norms and rules,” Peskov said during a briefing in Moscow.
He added that Russia will do everything in its power to reclaim its assets, reports Anadolu Agency.
Japan Ready to Do the Same
Japan is reportedly prepared to transfer $3 billion from frozen Russian funds to Kyiv, claims Ukrainian President Volodymyr Zelensky.
After a phone call with Japanese Prime Minister Shigeru Ishiba, Zelensky stated that Japan fully understands the challenges Ukraine is facing, as evidenced by its significant support.
“I thanked Japan for their prior assistance to our country, totaling $12 billion. With these funds, we managed to save thousands of lives,” Zelensky added.
He also shared with the Japanese prime minister the difficulties Ukraine is experiencing in the energy sector due to the large-scale Russian Christmas attacks, reports The Kyiv Independent.
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“Russian Funds Could Rebuild Everything Moscow Destroyed”
Earlier this month, the EU’s High Representative for Foreign Affairs and Security Policy, Kaja Kallas, stated that frozen Russian funds in the EU should be used to support Ukraine.
According to The Guardian, European diplomats believe that using frozen Russian funds in this way could serve as a pressure tactic.
The EU has already started allocating profits from Russian assets held within the bloc to Ukraine, but it has not seized the entire sum due to ongoing legal uncertainties about the move’s legitimacy.
More than two-thirds of Russia’s sovereign assets, amounting to $300 billion, were frozen by Western allies after the full-scale invasion of Ukraine.
Kallas emphasized that Russian funds could help cover the costs of everything Moscow has destroyed in Ukraine.
“A bird in the hand is worth two in the bush. We have the bird in our hand, and this is our way of pressuring Russia,” added the former Finnish prime minister.
Her proposal to use frozen funds comes amid growing concerns about how to finance Ukraine’s long-term recovery and reconstruction, especially with the potential return of Donald Trump to the White House looming.
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Source: Nedeljnik, Photo: AP