Ukraine Archives

  • European banks in Russia face ‘awful lot of risk’, Yellen says

    News | Global Europe 26-05-2024

    Est. 3min

    US Treasury Secretary Janet Yellen said that European banks face growing risks operating in Russia and the US is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort.

  • Zelenskyy says Ukrainian forces now control area where Russia pushed into Kharkiv region

    News | Global Europe 25-05-2024

    Est. 2min

    President Volodymyr Zelenskyy said on Friday (24 May) that Ukrainian forces had secured "combat control" of areas where Russian troops staged an incursion this month in northern parts of Kharkiv region.

  • Putin decree outlines Russian response to any US seizure of frozen assets

    News | Global Europe 24-05-2024

    Est. 2min

    Russia will identify US property, including securities, that could be used as compensation for losses sustained as a result of any seizure of frozen Russian assets in the US, according to a decree signed by President Vladimir Putin.

  • Yellen urges ‘more ambitious’ G7 plans for Russian assets

    News | Europe's East 23-05-2024

    Est. 5min

    Stresa, Italy, May 23, 2024 (AFP) - US Treasury Secretary Janet Yellen on Thursday urged G7 ministers meeting in Italy to work on "more ambitious options" to use frozen Russian assets to help Ukraine.

    The ministers and central bankers from the Group of Seven world powers are meeting in Stresa, on the shores of northern Italy's Lake Maggiore, to prepare for a summit of G7 heads of state next month in Puglia.

    Top of the agenda is a plan to finance crucial aid to Ukraine using the interest generated by the 300 billion euros ($325 billion) of Russian central bank assets frozen by the G7 and Europe.

    The European Union took a first step in agreeing a deal this month to seize revenues from frozen Russian assets to arm Ukraine, a windfall that will reach 2.5 to three billion euros ($2.7-$3.3 billion) a year.

    In a press conference before the meeting, Yellen welcomed this plan but added: "We must also continue our collective work on more ambitious options, considering all relevant risks and acting together."

    She said she wanted "concrete options" to present to G7 leaders, adding: "Failure to take additional action is not an option -- not for Ukraine's future and not for the stability of our own economies and the security of our peoples."

    The United States has proposed granting Ukraine, which has been fighting a Russian invasion for more than two years, up to $50 billion in loans secured by this interest.

    The details of the US plan have not yet been finalised, including who would issue the debt -- the US alone or G7 countries as a whole.

    But it will serve as a basis for G7 discussions, according to a Treasury source in Italy, which as G7 president this year is hosting the Stresa talks.

    The US proposal is an "interesting way forward" but "any decision must have a solid legal basis", the source said.

    Time is of the essence, as the slow speed of European material reaching Kyiv and the near-halt in US aid for months during wrangling in Washington have strained Ukraine's capabilities just as Russia has regained the initiative on the ground.

    In addition to the United States and Italy, the G7 includes Britain, Canada, France, Germany and Japan.

    - Legal issues -

    Yellen had initially advocated a more radical solution -- the confiscation of the Russian assets themselves.

    But European countries worried about creating a precedent in international law and the risk of serious legal disputes with Moscow.

    Stresa host Giancarlo Giorgetti, Italy's economy minister, has made no secret of the complexity of the issue.

    He said Rome would be an "honest mediator" in discussions but said the task was "very delicate".

    In April, Moscow sent a thinly veiled warning to Italy in its capacity as G7 chair, taking "temporary" control of the Russian subsidiary of the Italian heating equipment group Ariston in retaliation for what it called "hostile actions" by Washington and its allies.

    Experts warn that any further G7 action against Russia could lead to similar reprisals hitting other European companies still operating in the country.

    John Kirton, director of the University of Toronto's G7 Research Group, said that tapping just the interest on Russian assets "would considerably reduce the legal problems".

    "Legally, it would not be confiscating the 'assets'," he told AFP.

    France on Wednesday welcomed the US plan, saying it was hoping the G7 finance ministers would reach a deal this week.

    "The Americans have made proposals that fall within the framework of international law, and we are going to work on them openly and constructively," Economy Minister Bruno Le Maire said.

    - China overproduction -

    Yellen said the Stresa meeting would consider "additional action" against Moscow for its war in Ukraine, including to restrict its access to critical goods that support its military.

    She also said the G7 ministers would discuss responses to what she called China's "overcapacity" of key green technologies such as electric vehicles, batteries and solar panels.

    The US is concerned that Chinese government support is leading to more production capacity than global markets can absorb, driving cheap exports and stifling growth elsewhere.

    "Overcapacity threatens the viability of firms around the world, including in emerging markets," she said.

    She added: "It's critical that we and the growing numbers of countries who have identified this as a concern present a clear and united front."

  • Russian assets plan for aiding Ukraine to dominate G7 meet

    News | Global Europe 23-05-2024

    Est. 5min

    G7 finance ministers gather in Italy on Thursday (23 May) for a three-day meeting dominated by plans to use Russian assets to help Ukraine, as well as new sanctions on Moscow and the commercial threat posed by China.

  • Ukrainian gunners finally get shells to stop Russians near Kharkiv

    News | Europe's East 22-05-2024

    Est. 5min

    Ukrainian servicemen operating a howitzer in Kharkiv region near the Russian border work around the clock to stop an incursion by Moscow's troops, and they are finally getting the shells to do it.

  • EU could formally start Ukraine, Moldova membership talks in June, but hurdles remain

    News | Enlargement & Neighbourhood 21-05-2024

    Est. 3min

    Several EU member states called on Tuesday (21 May) for the bloc to start membership negotiations with Ukraine and Moldova by the end of June, but several technical and political obstacles remain for the decision to be taken.

  • Ukraine must continue receiving strong European support in food, agricultural sector

    Opinion | Agrifood 21-05-2024

    Est. 3min

    The agriculture ministers from Nordic-Baltic countries urge the EU to strongly support Ukraine’s ability to export its agricultural products to the EU and to world markets.

  • Zelenskyy pushes allies to step up aid and involvement in war

    News | Global Europe 21-05-2024

    Est. 6min

    Western allies are taking too long to make key decisions on military support for Ukraine, President Volodymyr Zelenskyy told Reuters in an exclusive interview in Kyiv on Monday (20 May).

  • Ukraine struggles to hold eastern front as Russians advance on cities

    News | Global Europe 19-05-2024

    Est. 7min

    Even if Ukrainian forces can hold out until all the American ammunition and weapons get through to the front, the challenge ahead remains daunting, according to many of those fighting.

  • G7 to back EU line on frozen Russian assets, Italy says

    News | Global Europe 17-05-2024

    Est. 3min

    Finance ministers from the Group of Seven major democracies meeting in Italy next week will back a EU plan to use the income from frozen Russian assets to help Ukraine's war effort, an Italian Treasury official said on Thursday (16 May).

  • NATO says Russian troop numbers insufficient for Kharkiv breakthrough

    News | Global Europe 17-05-2024

    Est. 4min

    NATO's top commander said on Thursday (16 May) he did not believe Russia's military has deployed enough troops to make a strategic breakthrough in the region around Kharkiv in northeastern Ukraine.