Appalling Neither UK Foreign Secretary Nor US Secretary Of State Grasp “Responsibility”- They Ask Taxpayers, Private Sector To Fund Ukraine Reconstruction. Russia’s US$340 Billion- Not A Priority
Appalling Neither UK Foreign Secretary Nor US Secretary Of State Grasp Definition Of “Responsibility”
James Cleverly Believes Russian Federation Should “Perhaps” Pay A “Significant” Maybe “Majority” Of Reconstruction Costs In Ukraine
US Secretary Of The Treasury Janet Yellen In 2022: “…Russia to help pay at least a portion…”
No Public Sector Taxpayer Funds And No Private Sector Funds Are Required For Ukraine Reconstruction Because There Is US$340 Billion In Cash Sitting In Banks
A Tortured View Of The “Pottery Barn Rule” Where You Break It, You Own It
When Mr. Cleverly Believes US$2 Billion Is A “Very, Very Large Sum” How Can He Comprehend US$340 Billion?
Government Officials Remain Giddy To Freeze, Seize, Redirect Assets Of “Oligarchs” Who Did Not Invade Ukraine Or Destroy Infrastructure In Ukraine.
Why Are Government Officials More Comfortable Asking Taxpayers And Companies For Funds To Rebuild Ukraine Than Using US$340 Billion In Cash Currently Frozen- With US$31 Billion In The UK And US$38 Billion In The US?
6/20/23): “On the situation with regards to the rebuilding of Ukraine, as I have said: we recognize that governments have a role to play, we feel the private sector has a role to play. But I think there is a very strong principle of natural justice, whereby a significant – perhaps even the majority – burden for the rebuilding should sit on the shoulders of those who have either been responsible for funding or facilitated this brutal, full‑scale invasion of Ukraine.” James Cleverly, Secretary of State of the United Kingdom (England, Scotland, Wales, Northern Ireland) for Foreign, Commonwealth and Development Affairs (2022- ).
“Natural justice requires that a person receive a fair and unbiased hearing before a decision is made that will negatively affect them.”
“Earlier on this week – yesterday in fact – the UK passed (inaudible) legislation which meant that we can continue to freeze sanctioned assets until reparations are made by those individuals whose assets have been sanctioned. It follows that simple premise that you break it, you bought it. And I think it’s absolutely appropriate that those who have, in whatever way, facilitated this invasion bear the responsibility for making good on the reconstruction effort.”
“But this week is very much about encouraging the private sector to invest in Ukraine’s rebuilding and recovery. We recognize that that means that we need to demonstrate that those investments will be effective and that they will be safe. And that, of course, means the ongoing assurance that the Ukrainians seek that they will not be reinvaded once they have successfully regained their territory, their further integration into institutions – Euro-Atlantic institutions and European institutions – that they understandably aspire to. But of course, it also means supporting them as they perform the reform of their institutions that will facilitate the investments in their country.”
“… ultimately this is about making sure that Ukraine has what it needs, not just to win this war of survival, this conflict, about their self-defense against Russian aggression, but as Tony said and as we discussed earlier, this week is very much about creating the conditions necessary for public sector money, of course, but predominately private sector money to fund their reconstruction. Now, the precise details of how we do that, I don’t want to prejudge. The whole point of the next couple of days is that the UK uses its expertise as a global financial services center – including as a global insurance center – but also our convening power. The fact that the U.S. Secretary of State is here – and he found the time in his unbelievably busy schedule, I think reflects the fact that the world views the UK as a good place to come together to discuss these complicated issues.
“So, I’m not going to prejudge exactly what vehicles will be used to unlock both the public and the private money that Ukraine will need. But as Tony has said, ultimately, we want to ensure that the investment that goes into Ukraine is safe – safe from further conflict – and deployed as effectively as possible through robust and reformed Ukrainian institutions.”
“And with regard to the recent funds from Chelsea, a foundation has been created that will ultimately be responsible for the distribution of all those funds, but we are talking about very, very large sums, and I made it very, very clear that I want to make sure that those funds are distributed effectively and to support the Ukrainian victims of this conflict. And it is better, when such significant funds are at stake, that we do it right rather than trying to do it quick.”
(6/20/23): “But as I said, the flip side of this is all the work that we are doing here to help Ukraine prepare for having the strongest possible economy, the strongest possible democracy, which is actually necessary to achieve a thriving economy and for reconstruction. If Ukraine is going to attract the investment it’s going to need – not just from governments, not just from international financial institutions, but from the private sector – it has to build the best possible environment to attract that investment. So, we’ll be talking about all of that over the next the next few days.” Antony Blinken, United States Secretary of State (2021- )
Ukraine Business News (9 June 2023): The Ministry of Reconstruction has explained where the money to rebuild the country will come from. “According to the Minister of Reconstruction of Ukraine, Oleksandr Kubrakov, 50% of the reconstruction’s financing should be covered by the seized assets from the Russian Federation. Partners will fund another 25% through various mechanisms, and another 25% will come from Ukraine. Kubrakov noted that direct damage to Ukraine's infrastructure from the war amounts to US$130 Billion to US$140 Billion. Taking direct damage to infrastructure and the economy and business in general into account, this figure has long exceeded US$300 Billion. Kubrakov claims that the most critical damage in Ukraine can be restored in two to three years if the necessary funds are allocated. The government official added that if we talk about the economy in general, as soon as the country’s logistics are restored and there is no electricity supply shortage, then business activity will reach pre-war indicators in two years.”
Amazing US$340 Billion Has Been Frozen For Sixteen Months With No Movement To Seize It And Use It- Even If To Repay Taxpayers Who Have Funded Ukraine.
Since 24 February 2022, there remains frozen approximately US$340 billion in Central Bank of the Russian Federation (CBRF) assets which earn at least approximately US$9.3 billion in interest (2%) annually- US$566.6 million per month, US$18.8 million per day. Recent estimates from governments holding the funds calculate the annual interest rate could be 4%.
Among countries reported holding CBRF assets: France (US$74 billion), Japan (US$58 billion), Germany (US$55 billion), United States (US$38 billion), United Kingdom (US$31 billion), Austria (US$17 billion), Switzerland (US$8.3 billion) and Canada (US$16 billion) among other countries.
Group Of 7 (G7) Leaders’ Statement on Ukraine From Hiroshima, Japan (19 May 2023): “We are taking steps to fully map holdings of Russia’s sovereign assets immobilized in our jurisdictions. We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain] immobilized until Russia pays for the damage it has caused to Ukraine.” G7: (2014-Present) includes Canada, France, Germany, Italy, Japan, United Kingdom, and United States. The Russian Federation was excluded in 2014 due to its military actions on the Crimean Peninsula in Ukraine.
Janet Yellen, United States Secretary of the Treasury (18 May 2022): “I think it’s very natural that given the enormous destruction in Ukraine and huge rebuilding costs that they will face, that we will look to Russia to help pay at least a portion of the price that will be involved.” Emphasis added.
Mr. Dimitry Peskov, spokesperson for the government of the Russian Federation, shared previously that confiscation and use of assets of the government of the Russian Federation for benefit of Ukraine would be “illegal, blatant, and of course requiring an appropriate response... It would be, in fact, outright theft.” Emphasis added.
Since 24 February 2022, governments (from their respective taxpayers) of approximately fifty (50) countries have provided (directly and indirectly) along with government (taxpayer) funded international financial institutions more than US$200 billion in commercial, economic, financial, humanitarian, military, and political support for Ukraine.
In 2022, the 117th United States Congress appropriated US$113.1 billion for Ukraine with those funds disbursed from 2022 through 2026 (or earlier as ordered equipment becomes available for delivery and other support is required). Through other spending authorities, the Biden-Harris Administration (2021- ) has allocated billions of United States Dollars in additional economic, financial, military, and political funding to the government of Ukraine. The 117th United States Congress (House of Representatives and Senate) was controlled by the Democratic Party. The 118th United States Congress has a House of Representatives controlled by the Republican Party.
