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IMF named conditions for confiscation of Russian assets

Feb 23, 2024

The confiscation of Russian assets must have a solid legal basis to avoid potential legal risks and consequences for the international monetary system.

This is reported with reference to the statement of IMF Communications Director Julie Kozack at a briefing in Washington.


Kozack recalled the recent statement made by IMF First Deputy Managing Director Gita Gopinath that "the decision on what to do with frozen assets remains with the countries that own these assets and the discussions between these countries".

"In our opinion, it is important that any actions have a sufficient legal basis to avoid potential risks," Kozack said.

According to her, these include the risks of litigation, the risks of countermeasures, and the risks to the international monetary system.

As a reminder, the United States, the European Union, and other G7 countries are considering how best to use frozen Russian assets to support Ukraine.

At the end of 2023, the United States proposed that the G7 countries confiscate $300 billion in frozen Russian assets in favor of Ukraine. The initiative was supposed to be approved by February 24, 2024.

However, according to the draft statement, the G7 will reaffirm that the assets of the Russian central bank will remain frozen until Moscow agrees to compensate Ukraine for the damage it has caused. However, the statement will only mark the debate on obtaining compensation from Russia, as the countries continue to disagree on the possibility of using them.

Author – Anastasiya Glotova, 23/02/2024

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