News Trending

G7 leaders to discuss €30bn loan for Ukraine using Russian assets

By 404 0

The G7 finance ministers are set to discuss whether Ukraine can receive an additional €30 billion loan from seized Russian assets totaling €270 billion. This proposal has sparked division within the G7, particularly between the US and Germany. While some advocate for full asset seizure, others, including Christine Lagarde, ECB president, raise legal and economic concerns.

The US and UK propose mobilizing the frozen assets to provide a substantial loan to Ukraine, with interest paid from the profits of the seized Russian assets. They argue this approach avoids the need for asset confiscation, which could disrupt the international legal order and financial stability.

Belgium, holding the largest share of Russia’s frozen assets within the G7, has already generated significant investment income from these assets. It has agreed to allocate a portion of this profit to a joint G7 fund for Ukraine.

Critics argue that using the assets as collateral for a loan effectively amounts to confiscation. However, some legal scholars suggest that under the doctrine of state countermeasures, seizure may be justified.

Overall, there is contention over whether to provide Ukraine with a substantial loan using the seized assets, with concerns about legal implications and potential repercussions for financial stability and international relations.

Picture Courtesy: Google/images are subject to copyright

News Trending

Dublin asylum seekers moved from Mount Street tents

By 180 0

Asylum seekers who had been living in tents in central Dublin have been relocated to two designated accommodation sites by the Irish government. The makeshift campsite outside the International Protection Office on Mount Street had been in place for several months before authorities undertook a joint agency operation to ensure the safe movement of the asylum seekers to Citywest and Crooksling tented accommodations in County Dublin.

The government emphasized that the new sites offer robust, weather-proof tents with adequate facilities such as showers, toilets, indoor areas for food provision, charging stations, and 24-hour security. Despite initial reluctance from some asylum seekers regarding the suitability of the Crooksling site, authorities assured that it meets their needs and provides similar support as other locations.

Dublin City Council cleaned the streets following the relocation operation. Noel Wardick, CEO of Dublin City Co-operative, described the previous conditions on Mount Street as “absolutely appalling” and criticized the lack of political will to address asylum seekers’ accommodation issues. He emphasized the necessity for the state to fulfill its legal obligation to provide proper accommodation to prevent similar situations in the future.

The relocation process involved clearing the tents from Mount Street, with Dublin City Council workers restoring the area while asylum seekers were transported to Crooksling. This was the second attempt in recent months to find alternative accommodation for those living on Mount Street.

In response to concerns about the UK’s deportation plan to Rwanda potentially increasing refugee numbers in Ireland, the government approved drafting new legislation to designate the UK as a “safe country” for asylum seekers. This move follows assertions by Justice Minister Helen McEntee regarding the high percentage of recent asylum claims from individuals entering via Northern Ireland.

Currently, over 1,400 asylum applicants in Ireland lack accommodation, highlighting the ongoing challenges faced by refugees. One asylum seeker from India, who arrived in Ireland via Northern Ireland, explained his departure from the UK due to post-Brexit immigration rules.

Picture Courtesy: Google/images are subject to copyright