Germany Backs US Plan to Send Frozen Russian Assets to Ukraine

Germany has expressed support for a US proposal to utilize frozen Russian assets, primarily held in Europe, in order to provide $50 billion in aid to Ukraine, as reported by Bloomberg.

The backing of Germany could potentially facilitate closer collaboration between Washington and its allies to secure significant financial assistance for Kyiv, irrespective of the electoral outcome in November.

The urgency to access these assets stems from concerns surrounding the US election, however, analysts believe this move signifies a continued US commitment to Ukraine, regardless of the outcome of the election.

The plan is expected to dominate discussions at the upcoming Group of Seven (G-7) nations convening in Stresa, Italy, for their annual meeting starting Thursday, though German officials caution that finalizing the details and implementing the plan might take until next year.

Earlier this month, European Union ambassadors have reached an agreement to unlock frozen Russian assets and send them to Ukraine.

Following Russia’s full-scale invasion of Ukraine in February 2022, G7 countries froze roughly $280 billion in Russian central bank assets.