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

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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.

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Borsen fire: Denmark endures its own Notre Dame devastation

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The devastating fire at Copenhagen’s historic former stock exchange, Borsen, sparked immediate comparisons to the Notre-Dame cathedral fire in 2019. Brian Mikkelsen, head of the Danish Chamber of Commerce, pledged to rebuild the 400-year-old structure despite the significant damage. He, along with colleagues and emergency workers, bravely rescued centuries-old artworks from the flames, demonstrating remarkable teamwork and determination.

Danes mourned the loss of the iconic dragon spire, a beloved feature of Copenhagen’s skyline. Residents expressed deep sadness and shared memories of the historic building, emphasizing its significance to the city’s identity and culture. Copenhagen’s Mayor, Sophie Haestorp Andersen, echoed these sentiments, calling the fire a loss of the city’s soul and history.

Efforts to rebuild Borsen are underway, with plans to learn from the restoration of Notre-Dame. Danish officials intend to incorporate modern techniques, such as 3D modeling and AI, to recreate the building’s original materials. Despite the challenges ahead, there is widespread support for reconstruction, with donations pouring in from both public and private sectors.

The restoration process is expected to be extensive and costly, with estimates exceeding 1 billion kroner. However, the determination to restore Borsen to its former glory remains strong, fueled by the outpouring of support from the Danish community.

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EU To Lift Ban Of Food Imports From Japan Post 2011 Nuclear Accident

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A government spokesperson in Japan has expressed the country’s welcome to the European Union (EU) potentially lifting restrictions on food imports that were imposed after the 2011 nuclear accident caused by an earthquake and tsunami. According to a report in the Nikkei newspaper, the EU is in the final stages of removing all restrictions on Japanese food, although the sources for this information were not disclosed.

The bans on food imports have been in effect since the Fukushima Dai-ichi nuclear plant was damaged by the earthquake and tsunami, resulting in multiple meltdowns. The spokesperson, Mr Hirokazu Matsuno, stated during a Tokyo press conference that the Japanese government appreciates the positive steps toward lifting the restrictions. It is hoped that easing the restrictions will contribute to the reconstruction efforts in the areas devastated by the nuclear disaster.

The 2011 earthquake and tsunami tragically claimed the lives of nearly 20,000 people along Japan’s Pacific coast. The meltdowns at the Fukushima nuclear plant led to the evacuation of tens of thousands of residents.

This news about the potential lifting of restrictions comes just before the visit of Rafael Mariano Grossi, the chief of the International Atomic Energy Agency (IAEA), to Japan. During his visit, Grossi will present the findings of the IAEA’s safety review regarding Japan’s plan to release water from the Fukushima nuclear power plant into the ocean. The Japanese government intends to release 1.3 million metric tons of water that has been exposed to radiation inside the damaged power plant after removing most of its radioactive elements.

The water to be released contains traces of tritium, an isotope that is difficult to remove from water and has primarily been used to cool the damaged reactors. The IAEA plans to establish an office at the Fukushima plant during Grossi’s visit, indicating its ongoing involvement and oversight of the situation.

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