G-7 Eye Russian Assets as Collateral to Raise Funds for Ukraine
Residential buildings destroyed by shelling in Izyum, Kharkiv region, Ukraine, on Feb. 1.
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The Group of Seven and the European Union are discussing a plan to use more than $250 billion in frozen Russian central bank assets as collateral to help fund Ukraine’s reconstruction, according to people familiar with the matter.
Under the proposal, Ukraine’s allies could sell debt to contribute to the war-torn country’s rebuilding, using the frozen assets as collateral. Proponents believe that any settlement to the conflict under international law would find Russia liable to pay for the damage it has caused its neighbor. Should Russia refuse, claims could be made on the frozen assets, the people said.