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Zelensky demands Russian billions to rebuild Ukraine.

World banks' Russian billions should be used to rebuild Ukraine, according to President Zelensky.

 

Following the freezing of the assets in the year 2020, the G7 group is contemplating accepting only the increase in value and interest that is due thereon. On the other hand, the President of Ukraine stated to the BBC that all of the funds should be utilized. "If the world has $300bn - why not use it?" , said the politician. It is understood by the BBC that central bankers in Europe are concerned about the possibility of undermining the safe haven status of banks. Setting a difficult legal precedent that could undermine global financial stability has been met with a great deal of skepticism from Europe's central bankers, despite the fact that the governments of the United States and the United Kingdom have expressed some enthusiasm about the idea. As a result, it is possible that other nations will reconsider their decision to place their safe haven assets in Western countries. Due to the fact that Belgium plays a role in the clearing system for European reserves, it is particularly noteworthy that a significant portion of the frozen assets are located in Belgium. A charge has already been applied to some of the funds that are raising two billion euros for Ukraine. Given that there are approximately 360 billion dollars worth of assets that have been frozen and that interest rates are currently high, proponents of the more comprehensive plan believe that tens of billions of dollars could be raised. In an interview with the BBC, President Zelensky stated that Western taxpayers should not be responsible for paying for the war in Ukraine. The interview took place on the fringes of the World Economic Forum in Davos, Switzerland. He stated, "We have assets worth $300 billion that are frozen in Russia." They annihilated the Ukrainian nation...We are required to make direct use of the $300 billion in assets that we have acquired from Russia in order to reconstruct what has been destroyed by Russian missiles. Why is it necessary for your society to consider other ways to assist... Why not put that $300 billion to use if the world has it? During his time at Davos, President Zelensky had meetings with prominent Wall Street financiers such as Jamie Dimon of JP Morgan and Steven Schwarzman of Blackstone Global. The chief executive officer of the British bank Standard Chartered, Bill Winters, stated that the reaction of the international financial community to the confiscation of the profits from Russian assets that have been frozen would be "mixed" due to concerns about "weaponizing" central banks and respective currencies. On a human level, the majority of us would agree that doing the right thing is the right thing, and we may say that it is worth it to do the right thing. However, I believe that those who work in central banking have a cause for concern," he stated. It is imperative that we exercise caution in terms of how we effectively weaponize the United States dollar because, in the long run, it plays such a central role. The implementation of sanctions has already resulted in a significant increase in its weaponization. According to what Winters said to the BBC, this would be an additional extension of that. At a meeting of the World Economic Forum, the President of Ukraine stated that there were individuals in the West who were denying the fact that Putin was only interested in their territory. He also stated that his country was defending Europe and required additional assistance.