Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations
Al Mayadeen's correspondent in Gaza: Israeli occupation aircraft launch airstrikes on the city of Rafah in the southern Gaza Strip
Netanyahu's office: At the end of the security consultations, the prime minister instructed the military to launch massive military strikes on the Gaza Strip immediately
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks
Lebanese President Joseph Aoun to US Envoy Morgan Ortagus: Southerners must be enabled to return to their homes and rebuild

US, G7 to explore appropriation of Russia's $200+ bln in 2024: FT

  • By Al Mayadeen English
  • Source: Financial Times
  • 30 Dec 2023 17:13
  • 1 Shares
3 Min Read

The Financial Times has published a report detailing the next steps for a US-led G7 effort to appropriate Russian funds next year.

  • x
  • US, G7 to explore expropriation of Russian funds in 2024: FT
    G7 leaders pose for a group photo during the Group of 7 Foreign Ministers meetings at the Iikura Guest House, in Tokyo, Japan, on November 8, 2023. (AP)

Washington has called on working groups of the Group of Seven (G7) nations to explore ways to confiscate and appropriate Russian assets amounting to hundreds of billions of dollars, the Financial Times reported.

The United States, backed by the UK, Japan, and Canada, has proposed setting up preparatory work to take more than $300 billion in Russian foreign exchange reserves that were frozen by Western countries following the start of the Russian Special Operation in Ukraine.

According to FT, the US will explore options for the expropriation process with G7 partners in the group's meeting scheduled for February 24, 2024. Earlier in December, discussions were held by G7 finance ministers and their deputies, on the development of policy regarding Russian funds, and the possible drawbacks of such action.

"The three working groups proposed by Washington would examine the legal issues around confiscation; the method of applying such a policy and mitigating risks; and options for how to best channel the support to Ukraine," the report revealed.

According to FT, the US sees such a measure as a lawful "countermeasure to induce Russia to end its aggression," although Washington has not yet publicly endorsed the expropriation of Russian assets.

The European Union holds the majority of the funds in question, totaling approximately €210 billion. According to RT, Belgium has the largest share, estimated at €191 billion, followed by France and Switzerland, a non-EU-member country, with holdings of €19 billion and €7.8 billion, respectively.

Related News

Trump says Gaza peace deal entering ‘phase two’

Venezuela slams Trinidad and Tobago, declares PM persona non grata

Read more: Russia renews truck ban targeting EU, Norway, UK, Ukraine

Russia warns against US plans

Earlier on December 22, commenting on the US-led plans for Russian frozen assets, Kremlin spokesperson Dmitry Peskov warned that attempts to utilize Russian assets as funds for Ukraine will be met with consequences. 

In a statement, Peskov said, "Those who are trying to initiate this, and those who will implement it, must understand that Russia will never leave those who did this alone. And it will constantly exercise its right to legal challenge, international, national, and otherwise. And this, of course, will have — both Europeans and Americans understand this very well — it will have legal consequences for those who initiated and implemented it."

Moreover, Konstantin Kosachev, deputy speaker of Russia's upper house of parliament, said that the plan is not only unlawful but also extremely hazardous, since it may destabilize the entire global financial system.

On Telegram, Kosachev described the effort as "crazy," citing no legality to it and recalled that under international law, central banks' sovereign funds are protected by a particular immunity, and no jurisdiction is permitted to impose any form of coercion on them.

It is worth noting that the West's mobilization to curtail Russia of its funds comes after the Ukrainian counteroffensive failed to produce the intended results. The US is also facing increased pressure as it aims to source funds for the Ukrainian military and the Israeli occupation forces in occupied Palestine.

Read more: How the West is 'quietly shifting' its Ukraine strategy: Politico

  • United States
  • Moscow
  • G7
  • frozen assets
  • Russia
  • Washington
  • Ukraine
  • Belgium
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Members of the al-Qassam Brigades, the military wing of Hamas, and Egyptian workers search for the bodies of hostages in a tunnel discovered during searches in Hamad City, Khan Younis, in the southern Gaza Strip, on Tuesday, Oct. 28, 2025 (AP)
Politics

'Israel' obstructing Gaza body recovery, creating false claims: Hamas

Lebanese Prime Minister Nawwaf Salam talks to US Deputy Special Envoy to the Middle East Morgan Ortagus at the Grand Serail in Beirut, Lebanon, October 28, 2025 (NNA)
Politics

Salam conveys to Ortagus goals behind any possible negotiations

Writers boycott NYT, demand justice as Gaza media ban faces court
Politics

300+ writers boycott NYT Opinion, cite persistent anti-Palestine bias

Settlers attack West Bank olive harvesters, Injure 3 Palestinians
Politics

Settlers attack West Bank olive harvesters, injure 3 Palestinians

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS