February 24, 2024 4:58 am

EU member state calls threat to seize Russian money ‘communist’ — RT World News

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

The EU’s planned seizure of billions of euros of interest payments arising from frozen Russian assets is reminiscent of communism, Hungarian Foreign Minister Peter Szijjarto told RIA Novosti on Thursday.

The EU is facing increasing pressure from the US and its allies to find ways to seize hundreds of billions of euros in frozen sovereign Russian funds.

Asked if Hungary would support the initiative to use profits generated from financial assets which belong to the Russian central bank and are now frozen by the EU, Szijjarto said the idea reminds him of how the communists used to confiscate assets from people in Hungary.

“These sorts of measures usually set off warning lights in our mind, that communist heritage is not what we’d like to see in our day and age,” he said, adding that Budapest has not heard any concrete plans on how this initiative would be implemented. “If one is available, we’ll definitely look over and discuss it,” he stated.

Last week, it was revealed that the biggest holder of frozen Russian assets, Belgium-based clearinghouse Euroclear, had accrued almost €4.4 billion ($4.74 billion) last year in net interest earnings from funds in sanctioned Russian accounts. Euroclear is estimated to be holding €196.6 billion in Russian assets, mostly belonging to the country’s central bank.

In total, the US and its allies froze an estimated $300 billion in Russian assets at the beginning of the Russia-Ukraine conflict in February 2022.

EU ambassadors have agreed on the idea of using profits from sanctioned assets to support Ukraine, the Belgian Presidency of the EU Council announced following January’s summit in Brussels, although nothing has been officially implemented yet.

The US has been pushing for the confiscation of Russian funds, while $60 billion in aid to Ukraine has been stalled in Congress. The EU, however, has agreed on a €50 billion aid package for Kiev over the next four years, after Hungary withdrew its veto due to pressure from Brussels.

While Russia’s central bank had been in the process of weaning itself off the dollar and euro and switching to the Chinese yuan and gold since US sanctions in 2018, significant holdings in dollars, euros, British pounds, Japanese yen, and others were frozen in 2022.

The head of the Russian central bank, Elvira Nabiullina, has said that the seizure of profits from frozen Russian funds, as well as the seizure of the funds themselves, would lower the attractiveness of the euroand the dollar as a reserve currency in the international arena. 

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: EU member state calls threat to seize Russian money ‘communist’ — RT World News

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Let’s not lose touch…Your Government and Big Tech are actively trying to censor the information reported by The ANR to serve their own needs. Subscribe now to make sure you receive the latest uncensored news in your inbox…

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Discover more from The ANR

Subscribe now to keep reading and get access to the full archive.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8