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EU moves to give profits from Russian assets to Ukraine

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EU member states’ ambassadors have tentatively agreed to redirect windfall profits from frozen Russian assets towards financing arms supplies for Ukraine, pending approval by EU finance ministers next week. This decision follows the freezing of hundreds of billions of euros in Russian assets after the 2022 invasion of Ukraine. If approved, the accrued interest, estimated at up to €3 billion per year, will be allocated for purchasing weapons for Ukraine.

European Commission President Ursula von der Leyen emphasized the significance of this action, stating it would contribute to enhancing the safety of Ukraine and Europe. Valdis Dombrovskis, European Trade Commissioner, echoed this sentiment, urging swift delivery of the funds to Ukraine, with an initial tranche of €1 billion intended for military support ideally reaching the country by summer.

German Chancellor Olaf Scholz advocated that approximately 90% of the revenues from frozen Russian assets be allocated to arms purchases for Ukraine. The value of these assets in the EU stands at nearly €211 billion, with the majority of profits held by Euroclear, a Belgium-based clearing house.

The decision to utilize these funds had been delayed due to objections from EU members regarding a 25% tax imposed under Belgian law, which has since been waived. Despite concerns raised by Europe’s central bankers about potential legal ramifications and impacts on global financial stability, the decision reflects a determination to hold Russia accountable for its actions. The Kremlin has criticized this move as undermining European and international legal frameworks.

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Putin says he prefers Joe Biden over Donald Trump in the White House

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Russian President Vladimir Putin has expressed a preference for a Joe Biden presidency over Donald Trump ahead of the US election, citing Biden’s experience and predictability. Putin’s comments mark a departure from his previous praise of Trump before his first run for president in 2016. Despite Biden’s criticism of Putin, the Russian president believes Biden’s leadership would be better for Russia due to his political background.

Putin dismissed concerns about Biden’s age and mental health, stating that he did not notice any issues during their last meeting in 2021. However, he criticized Biden’s condemnation of the war in Ukraine as “extremely harmful and erroneous.” Despite his preference, Putin emphasized that Russia would work with any US president who gains the trust of the American public.

These remarks contrast with Trump’s previous statements suggesting a strong rapport with Putin, although Trump’s recent remarks about encouraging Russia to attack NATO members have drawn criticism from NATO officials.

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News Trending War

Russian jet crashes carrying Ukrainian PoWs – Moscow

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A Russian Ilyushin-76 military transport plane crashed in the southern Belgorod region near the Ukrainian border. The Russian Ministry of Defence claimed that the plane was carrying 65 captured Ukrainian military personnel for a prisoner exchange, but these details could not be independently verified. Reports initially suggested that the plane may have been downed by Ukrainian forces, but these were later deleted. Ukrainian authorities stated they did not have accurate information and were investigating.

Video footage showed the plane crashing and exploding near the village of Yablonovo. The regional governor confirmed all on board had died. Some Ukrainian media suggested the plane was transporting missiles for Russia’s S-300 air defense systems. The head of Ukraine’s military intelligence confirmed a planned prisoner exchange had been canceled.

The Russian defence ministry alleged that Ukraine fired anti-aircraft missiles from the Lyptsi area, claiming two Ukrainian missiles targeted the plane. A prisoner exchange was scheduled at a border checkpoint near Belgorod. Russian officials mentioned a second plane carrying 80 Ukrainian prisoners, but it changed course.

Ukraine and Russia have engaged in several prisoner exchanges during the war. Russia’s invasion of Ukraine began in February 2022, with ongoing conflict. The war’s toll includes casualties and intensified air attacks. Ukrainian Defence Minister Rustem Umerov highlighted a shortage of ammunition for Ukrainian forces, while Russia reportedly used over 600 missiles and 1,000 drones in the past two months. Ukraine relies on drones in its defense strategy, and recent attacks caused explosions, including at a gas export terminal near St Petersburg.

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‘Send back our husbands’ – Russian women in rare protest

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In a Moscow function room, a group of women, known as The Way Home, publicly criticizes the Russian authorities for keeping their husbands, part of the 300,000 reservists mobilized for the war in Ukraine, away from home. The women, who met through social media, have different views on the war but share the belief that their husbands have fulfilled their military duty and should return.

The women express frustration with the government and its lack of consideration for the soldiers’ well-being. They meet with local councillor Boris Nadezhdin, a rare government critic who has been allowed on national television. Nadezhdin, critical of the military operation, believes the war has damaged Putin’s domestic popularity.

Critics of the war blame the mobilized men, while Kremlin supporters label the women as Western puppets. Russian MP Andrei Kartapolov suggests that calls for demobilization are orchestrated by Russia’s enemies, linking it to World War Two. The women find such comparisons insulting, emphasizing that the current conflict is different.

Maria Andreeva, a member of The Way Home, not only advocates for her family’s return but also aims to prevent further call-ups. The group stages peaceful protests by laying flowers at the Tomb of the Unknown Soldier.

Despite their efforts, the women feel a lack of support from society. Antonina, whose partner was drafted, shares her disappointment in the changing perception of her husband among friends. She emphasizes the desire for the return of husbands who did not volunteer for the front line, questioning Putin’s attitude towards citizens who once supported him. The women fear the possibility of a second wave of mobilization, despite Putin’s earlier assurances.

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News Trending War

SCO summit: Putin says sanctions making Russia stronger

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Russian President Vladimir Putin has reiterated his country’s opposition to Western sanctions following the invasion of Ukraine.

Speaking at the virtual Shanghai Cooperation Organisation (SCO) summit, his first international address since the recent mutiny in Russia, Putin expressed defiance towards the West, stating that Russia would counter external sanctions and pressures while continuing to develop. He emphasized the importance of trade agreements between SCO nations in local currencies, seen as a measure to mitigate the impact of sanctions. Putin also welcomed Belarus’s application to become a permanent member of the SCO. Indian Prime Minister Narendra Modi, hosting the summit, called for increased trade, connectivity, and tech cooperation among member states.

However, he did not directly address the war in Ukraine or China’s assertiveness in the Indo-Pacific, reflecting India’s delicate diplomatic position as it strengthens ties with both the West and China. Instead, Modi urged SCO members to cooperate on countering cross-border terrorism, with his statements commonly interpreted as aimed at Pakistan. China’s President Xi Jinping emphasized the importance of regional peace and security and called for solidarity and mutual trust among SCO members. All members agreed on the need to maintain stability in Afghanistan following the Taliban’s takeover.

The SCO, formed in 2001 by China, Russia, and four Central Asian countries, has gained relevance as relations with the West deteriorate for Russia and China. With around 40% of the world’s population and over 20% of global GDP, the SCO holds significant potential, and the inclusion of Iran as a full member further enhances its energy portfolio.

However, India’s ability to strike a diplomatic balance between its global partners, including Russia, China, and Pakistan, will impact the future of the SCO. Indian diplomats assert their commitment to an independent foreign policy without favoring any particular group.

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