Moscow: Talks have started between Russia and the US to end the Ukraine war. On February 18, the representatives of the two countries held their first face-to-face meeting in Saudi Arabia. Meanwhile, Reuters has quoted sources as saying that Russia can now leave sovereign assets worth $ 300 billion (about Rs 2,59,90,92,00,00,000) frozen in Europe. It can put a condition to use a part of this amount in the reconstruction of Ukraine. However, Russia also wants a large part of it to be spent on the areas which are currently under its control.
For the first time, Putin's stance showed softness
When Russia attacked Ukraine in 2022, the US and its allies banned transactions related to Russia's central bank and finance ministry. As a result, Russian assets worth $300 to $350 billion were frozen in the form of European, American and British government bonds.
According to a Reuters report, Russia can now propose to use these frozen assets to rebuild Ukraine, but it will have its own conditions. Russia wants a part of these to be spent on the areas which are now under its control. This is the first time that President Vladimir Putin's government is talking about giving such a concession.
So far, millions of people have been displaced in the war, thousands of soldiers have been killed and many areas of eastern Ukraine have been completely destroyed. The World Bank estimated a year ago that about $486 billion would be needed to rebuild Ukraine.
What is Russia's demand for settlement?
- Ukrainian troops should withdraw from the areas that Russia considers its own.
- Ukraine should abandon its plan to join NATO.
- Western sanctions should be eased.
- Ukraine's demands are exactly the opposite. It wants Russia to respect its sovereignty and return the occupied areas. It also wants security guarantees.
Trump's role is important
US President Donald Trump has also talked about ensuring US access to Ukrainian minerals so that the help given by the US to Ukraine can be compensated. Trump also wants Russia to be included in the G7 group again.
What will be the impact on Russia's economy?
Russia's total foreign exchange and gold assets are close to $627 billion, out of which $300 billion have been frozen. Russia's assets worth 159 billion euros in European countries are managed through the Belgium-based clearing house Euroclear Bank. Russia's central bank governor Elvira Nabiullina said the bank was not part of any talks to lift sanctions or release its assets. Russia has already described Western plans to use these assets as a "robbery".
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