World News | Zelensky calls for expropriation of Russian central bank funds

WASHINGTON, April 13 (AP) In an appeal to the heads of the International Monetary Fund and the World Bank, Ukraine’s president repeated his call Wednesday to confiscate assets held by Russia’s central bank around the world and use them to help Rebuild Ukraine.

Ukrainian President Volodymyr Zelensky said via video link: “The aggressors are required to pay for their losses. Russia must pay the full price for its aggression.”

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The United States announced at the start of the Russian invasion that the United States and its allies had blocked Russia from accessing more than $600 billion in funds it held outside its borders. The United States and its allies continue to impose rounds of targeted sanctions on companies and wealthy elites linked to Russian President Vladimir Putin.

“It must be made clear that the assets of the Central Bank of Russia will be confiscated. This will be a peace-making operation on a global scale,” Zelensky said.

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During the spring meetings of the IMF and World Bank, he was joined by Ukrainian Prime Minister Denis Shmikhal, U.S. Treasury Secretary Janet Yellen, World Bank President David Malpass and IMF Managing Director Chris Talina Georgieva held a meeting to discuss Ukraine’s ongoing funding needs.

A joint assessment published in March by the Ukrainian government, the World Bank and the European Commission estimated that Ukraine’s long-term recovery needs would total at least $411 billion. In March, Ukraine and the International Monetary Fund agreed on a $15.6 billion loan package aimed at propping up the government’s severely strained finances.

Since the war began in February 2022, the United States has provided Ukraine with more than $100 billion in military and civilian support, including some reconstruction funds. Other countries have also provided considerable support to Ukraine.

During the roundtable, Yellen said, “The United States will do everything in its power to support Ukraine for as long as it needs it.” She said: “Our historic alliance of multilateral sanctions is limiting Russia’s access to the technology and equipment its military needs.”

Zelensky argued that liquidating funds held by Russia around the world, including that of sanctioned oligarchs, would send a message to “potential aggressors,” wherever they are located.

This idea is gaining popularity. Dalip Singh, a former official in the Biden administration, told the Senate Banking Committee on February 28 that confiscating billions of dollars in Russian assets held by the United States is “something we should pursue.” European Council President Charles Michel called for the use of funds from Russia’s central bank to “rebuild what was destroyed”.

The US announced last week that Treasury Department officials Liz Rosenberg and Brian Nelson, an expert on sanctions and terrorism financing, will travel to Europe this month to meet with financial institution leaders in Switzerland, Italy and Germany. They plan to share intelligence on potential sanctions evaders and warn of potential penalties for failing to comply with international sanctions.

At Wednesday’s meeting, Zelensky stood up and called for a moment of silence for a Ukrainian soldier who appeared to have been beheaded. A gruesome video purporting to show a beheading has gone viral online and sparked outrage in Ukraine, which recently accused Russian troops of the atrocity. (Associated Press)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)