The G7 intends to confiscate Russian assets for the reconstruction of Ukraine

Yesterday, German Finance Minister Christian Lindner said that the Group of Seven Large Industrialized Countries had discussed the possibility of confiscating Russian official funds to contribute to the reconstruction of war-torn Ukraine, but added that “no decision in this has not been taken into account. “
“We talked about the continuity of sanctions against Ukraine, and we discussed the issue of confiscation of Russian assets,” Lindner added, at the end of the second day of talks.
He referred to the confiscation of Russian state assets, adding that “the selection needs further research.”
“The G7 has long discussed the idea of ​​confiscating Russian assets and using them to help rebuild Ukraine,” Canadian Finance Minister Chrystia Freeland told reporters.
Canada is taking measures to pass a law that would allow the Russian assets seized, and the transfer of money from its sale to Ukraine, to be used for reconstruction.
“There is a lot of interest from other G7 partners in Canadian law, and there are a lot of questions that are being raised about it,” the Canadian minister said in a telephone conversation with Canadian journalists from Munich.
Russian President Vladimir Putin, meanwhile, urged his government to achieve “technological sovereignty” and said Russia had been subjected to numerous cyberattacks since Moscow sent troops to Ukraine.
“The number of cyber attacks, including complex ones, has increased several times since the start of Moscow’s military campaign in Ukraine on February 24,” Putin told a Security Council meeting.
According to “Frans”, Putin stated that the attacks came from different countries, but “it is clear that they are being coordinated”.
“The attacks targeted Russia’s critical information infrastructure, including media outlets, financial institutions and a government website,” he added in a televised statement.
Putin stressed Russia’s need to “fundamentally reduce the risks associated with the use of foreign software, computer technology and communications equipment.”
“To strengthen our technological sovereignty, the government must create a base of modern Russian electronic components in the shortest possible time,” he added.
“Russia needs to strengthen its cyber defense by reducing its reliance on foreign electronic software and equipment. Efforts are being made to disrupt the Internet resources of the sensitive Russian information infrastructure,” he said, adding that “media and financial institutions are being targeted. . “
He explained that Russia needs to improve information security in key sectors and switch to the use of home technology and appliances.
Moscow has long tried to improve its local internet infrastructure, even detaching itself from global internet tests last summer.
However, the deluge of unprecedented Western sanctions against Russia has increased pressure to make Russia’s information technology systems more effective.
In addition, Russia has begun the second phase of the process of paying its sovereign bondholders into foreign currencies before the end of the suspension period for restrictions on its dollar transactions next week.
And the “Bloomberg” news agency reported yesterday that these funds are not scheduled for another week, but the settlement date for two dollar bond offers is two days after the end of the temporary exception for dollar bondholders to raise funds from to acquire the Russian side.
The temporary exemption approved by the US administration following the imposition of sanctions against the Russian Central Bank allows Russia to transfer mortgage holders’ membership fees through the international financial system until the end of this month.
US Treasury Secretary Janet Yellen has ruled out extending the release period, which is scheduled to end on May 25.
The payments transferred by Russia to the National Deposit Settlement Corporation, which deals with these funds, include $ 71.25 million in interest payments on bonds due for redemption 2026 and 26.5 million euros ($ 28 million) in interest on bonds due for redemption 2036. The Russian Finance Ministry said: “The state has so far fulfilled all its obligations to mortgagees.
“The exception was a fixed-term one,” Yellen said as the United States announced it would allow Russia to continue using the US currency to pay its mortgage payments to foreign investors, following the announcement of the first imposes US sanctions on Russia.
She told a conference in the German city of Bonn: “The US administration has not made a final decision on the matter, but it is logical to assume that the license has not been extended,” while US sources before it said, “The Office of Foreign Asset Management at the U.S. Treasury may agree to cancel the license.”
The Swiss insurance group Zurich in turn agreed to sell all its business in Russia to 11 members of its subsidiary in Russia, after deciding to leave the sanctions-laden country.
The group said in a statement, reported by the Bloomberg News Agency, that the Russian branch would operate independently under a new brand, and that the group would no longer operate its own business in Russia.
The group said earlier that it was expected to become unnecessary to conduct direct business in Russia and Ukraine or to maintain an investment portfolio.
French bank Société Générale also agreed last month to sell its entire stake in Rosbank and its insurance companies in Russia to Intros Capital, which is owned by Russian billionaire Vladimir Potanin.
The Zurich Russia Insurance Company accounts for approximately 0.3 percent of the insurance market in Russia, excluding life insurance. Its main focus is to support the activities of its international clients in Russia.
Completion of the transaction is still subject to regulatory approval, according to Zurich Insurance Group.

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