‘Theft’ of sovereign assets now US government policy – Moscow
Washington’s
use of the proceeds from frozen Russian assets to repay a $20 billion
loan to Ukraine shows that the US has advanced “theft” to the level of
government policy, the Russian Embassy in the US has said.
On
Wednesday, President Joe Biden announced a “historic decision to
leverage Russian sovereign assets to support Ukraine.” The US will
provide Kiev with a $20 billion loan as part of a broader $50 billion G7
package, he said in a press release.
The day before, both the EU and UK announced loans of their own, similarly to be repaid via interest from Russian funds.
The
use of windfall profits from blocked Russian assets will provide
Ukraine assistance “without burdening taxpayers,” Biden said.
Western
countries sanctioned an estimated $300 billion in sovereign Russian
assets soon after the escalation of the Ukraine conflict, blocking the
assets in Western financial institutions.
As of end-August 2024,
Singapore is blissfully holding US$239 billion in US Treasury
securities, up US$54.8 billion from US$184.2 billion a year ago. In the
same period, China has trimmed its holdings from US$805.4 billion to
US$774.6 billion.
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