Former World Bank President Suggests Transferring $300B Frozen Russian Assets To Aid Ukraine: 'Elegant Justice'

In a recent opinion piece, a former World Bank president proposed the transfer of Russian assets to Ukraine as a means of aiding the war-torn country.

What Happened: Robert Zoellick, a former World Bank president, suggested in an opinion piece for the Financial Times that Russia’s frozen foreign reserves, amounting to over $300 billion, should be used to aid Ukraine. Zoellick argued that this would send a clear message to Russia that its aggression against Ukraine will not be tolerated, reported Business Insider.

He dismissed concerns about the potential impact on international financial stability, stating that the Western world’s unity in using these assets would leave no viable alternatives for disgruntled states. Zoellick also suggested that this move could incentivize Ukraine to reach a settlement with Russia.

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Former U.S. Treasury Secretary Larry Summers has also advocated for using Russian reserves to support Ukraine. Current Treasury Secretary Janet Yellen has proposed taxing frozen Russian assets and using the proceeds to aid Ukraine.

Why It Matters: The proposal to transfer Russian assets to Ukraine comes amidst ongoing international efforts to support Ukraine in its conflict with Russia. In December, the U.S. committed to providing an aid package worth $250 million to Ukraine’s armed forces. This aid was seen as crucial in Ukraine’s ongoing struggle to regain territory occupied by Russian forces since the 2022 invasion.

However, Ukraine’s President Volodymyr Zelenskyy has been seeking additional financial aid, including a significant amount held up in Washington and Brussels. Meanwhile, Russia has warned of dire consequences for Ukraine’s statehood if the war continues.

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