According to media reports, the Group of Seven (G7) led by the United States is planning to provide $50 billion in aid to Ukraine, and this huge expenditure will come from frozen Russian asset earnings.
Since February 2022, Western countries have imposed a series of sanctions on Russia, resulting in the freezing of Russian sovereign assets and private investor funds.
It is reported that out of the $300 billion frozen overseas assets in Russia, only $5 billion to $6 billion is in the United States, while approximately € 210 billion (approximately $224 billion) is in the European Union.
According to insiders, the G7 is currently discussing the plan, and the United States hopes that G7 leaders can reach this agreement in June. This year's G7 summit will be held in Italy from June 13th to 15th, with a focus on discussing issues such as the Russia Ukraine conflict, the Middle East situation, and immigration issues.
The United States hopes that the G7 will first provide Ukraine with $50 billion, and then slowly return Russian asset returns to various countries to reach a compromise solution. But discussions on this aid plan have been difficult, and reaching an agreement may still take several months.
The United States and the European Union have previously had disagreements on how to deal with frozen Russian assets. The United States advocates for the direct confiscation of these assets, while the European Union believes that this move is too radical and tends to use the profits generated by Russian assets to assist Ukraine.
Most European countries oppose the direct confiscation of these assets and are skeptical of these proposals, fearing that they will destabilize the euro or face retaliation from Russia.
When asked about the US or G7's aid plan to Ukraine, US Treasury Secretary Yellen said on Friday, "This is something we are discussing. Ideally, we would like the entire G7 to participate, not just the US acting alone."
At the same time, the delay in financial and military aid from Western countries has prompted the Ukrainian government to issue increasingly urgent warnings that Russia may make significant breakthroughs in the war. At present, the Ukrainian military is working hard to address the issue of decreasing ammunition supply.
According to the first quarter financial report of the European Settlement Bank, the approximately 159 billion euros frozen assets in Russia have generated a profit of 557 million euros since February 15th. Since last year, these assets have generated approximately 3.9 billion euros in revenue.
Russian Deputy Foreign Minister Sergei Riyabkov warned last week that if Russian assets are truly confiscated, Russia may lower its diplomatic relations with the United States and engage in economic and political retaliation.