ǿմý

World

    • $200 billion in frozen Russian assets could help rebuild Ukraine. Europe is trying to figure out how

    Share
    LONDON -

    Russian assets frozen in European accounts could generate billions of dollars a year for rebuilding Ukraine. But can that money be used without breaching international law or damaging the euro’s international standing?

    European Union leaders grappled with that question at a meeting of the European Council in Brussels Thursday.

    “The European Council took stock of the work done regarding Russia’s immobilized assets,” the leaders said in a statement after the meeting, adding that they would continue to work on the issue “in accordance with EU and international law, and in coordination with partners.”

    The World Bank estimates Ukraine will need at least $411 billion to repair the damage caused by the war. And the EU and its allies are determined to make Russia foot part of the bill.

    One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched.

    This approach would probably deliver about €3 billion (US$3.3 billion) a year, according to Anders Ahnlid, the director general of the Swedish National Board of Trade and head of the EU working group looking into frozen Russian assets.

    “It’s the best way of using these assets in accordance with EU and international law,” Ahnlid told CNN, noting that was also the view of lawyers at the European Commission, which has promised to propose a way to tap frozen Russian assets within weeks.

    “The Commission will come forward with a proposal and we will focus prudently on the windfall profits from the immobilized assets of the Russian central bank,” Commission president Ursula von der Leyen told reporters in Brussels Friday at the end of the two-day meeting.

    But some EU member states, and the European Central Bank (ECB), have expressed concerns that even a carefully targeted plan could shake confidence in the euro as the world’s second biggest reserve currency. The EU has been at pains to contrast the illegality of Russia’s invasion with its own strict adherence to the rule of law.

    “We have to respect the principles of international law,” said a senior EU diplomat, who requested anonymity because he is not authorized to discuss closed-door meetings. “It’s a matter of reputation, of financial stability and trust.”

    The ECB declined to comment.

    HOW IT WOULD WORK

    After the full-scale invasion of Ukraine in February last year, EU and Group of Seven countries imposed unprecedented sanctions on Russia, freezing nearly half of its foreign reserves — some €300 billion (US$327 billion) — among other measures.

    Around two-thirds of that, or €200 billion (US$218 billion), sits in the EU, mostly in accounts at Belgium-based Euroclear, one of the world’s largest financial clearing houses.

    Euroclear plays a crucial role in global markets, settling cross-border trades and safekeeping more than $40 trillion in assets.

    The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at €140 billion (US$153 billion), boosted by payments associated with frozen Russian assets, including bonds.

    Ordinarily, these payments would have been made to Russian bank accounts, but they have been blocked as a result of sanctions and are now themselves generating vast amounts of interest.

    Euroclear routinely invests such long-term cash balances and, in the first quarter, it recorded €734 million (US$802 million) in interest earned on cash balances from sanctioned Russian assets.

    The plan proposed by the EU working group would involve using a special levy to collect the windfall interest income made by Euroclear from frozen Russian assets, which would then be paid into the EU budget for the reconstruction of Ukraine.

    Speaking on the sidelines of Thursday’s EU meeting, Latvia’s Prime Minister Arturs Krišjānis Kariņš said frozen Russian assets were “low-hanging fruit.”

    “We need to find a legal basis to utilize, mobilize these assets to help… pay for the damage Russia is causing in Ukraine,” he said.

    But one senior EU official warned of unintended consequences, such as causing other countries or investors to worry about the safety of their assets in Europe.

    “Those who have money might think ….’what if one day, I’m on the list,’” the official, who also requested anonymity because the discussions are private, said Wednesday.

    One way to reduce risks to the EU would be to coordinate action with the G7. “I think discussion at the G7 is quite key,” the official added.

    Ahnlid echoed this, noting that many EU member states had stressed the importance of the bloc taking steps “in tandem with G7 partners.”

    ------

    James Frater contributed reporting.

    CTVNews.ca ǿմý

    BREAKING

    BREAKING

    Three men were injured after a man armed with a knife entered a Montreal-area Islamic cultural centre Friday afternoon.

    A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

    Police have arrested an 18-year-old woman who allegedly stole a Porche and then ran over its owner in an incident that was captured on video.

    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.

    The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    Canada

    • BREAKING

      BREAKING

      Three men were injured after a man armed with a knife entered a Montreal-area Islamic cultural centre Friday afternoon.

    • Police have arrested an 18-year-old woman who allegedly stole a Porche and then ran over its owner in an incident that was captured on video.

    • The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.

    • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    • Relatives of a 60-year-old man who took his own life in a Nova Scotia jail after long periods of confinement in his cell have launched a lawsuit against the province.

    • A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

    World

    Politics

    Health

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes 'indescribable' pain, she struggles to maintain the will to live.

    Sci-Tech

    Entertainment

    • Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    • It will be the last show for longtime children's TV star Ron (Buck Shot) Barge as a memorial is held Friday in Calgary.

    Business

    Lifestyle

    Sports

    • Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), the two sides announced Friday.

    • F1 star Max Verstappen punished over bad word

      Formula One points leader Max Verstappen was ordered to 'accomplish some work of public interest' after uttering an inappropriate word Thursday at the news conference ahead of the Singapore Grand Prix.

    • The Winnipeg Jets have some huge holes to fill on both offence and defence this season.

    Autos

    Local Spotlight

    Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

    David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

    • The debate over sexual orientation and gender identity education in schools is heating up. Protests both for and against SOGI in the curriculum took place across the country Friday.

    • A teenager has been charged with multiple offences related to stabbings that occurred in Surrey's Newton neighbourhood last week.

    • New Democrat Leader David Eby has launched his British Columbia election campaign a day early, making the key battle ground of Surrey his first stop.

    • Police have arrested an 18-year-old woman who allegedly stole a Porche and then ran over its owner in an incident that was captured on video.

    • The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.

    • Michael Ford, Ontario's minister of citizenship and multiculturalism, says he is taking a leave of absence from cabinet to prioritize his health.

    • Calgary Mayor Jyoti Gondek is urging the Alberta government to preserve pieces of the massive Green Line transit project now being dissolved.

    • It will be the last show for longtime children's TV star Ron (Buck Shot) Barge as a memorial is held Friday in Calgary.

    • It's billed as 'Canada’s Largest Halloween Festival' and it's taken weeks to set up over 10,000 carved pumpkins that transform the WinSport bobsleigh track into a spooky spectacle.

    • Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), the two sides announced Friday.

    • Maplewood Secondary School is scheduled to open Monday after receiving a permit Friday morning allowing 50 per cent of the building to be occupied.

    • Police in western Quebec say a driver has been arrested after almost crashing into a school bus near La Pêche Friday morning.

    • BREAKING

      BREAKING

      Three men were injured after a man armed with a knife entered a Montreal-area Islamic cultural centre Friday afternoon.

    • A new garden and microforest, years in the making, have been inaugurated at John Abbott College in Montreal.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    • Mounties say there was an increased police presence in the Emerald Hills area of Sherwood Park on Friday morning as officers searched for a man who is wanted by police.

    • There are plenty of fun happenings in Edmonton this weekend. It's time to savour that last little bit of the summer season before the leaves really start coming down.

    • Alberta Health Services says an E. coli outbreak at a daycare in Blackfalds has ended.

    • A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

    • Relatives of a 60-year-old man who took his own life in a Nova Scotia jail after long periods of confinement in his cell have launched a lawsuit against the province.

    • Family, friends and fans of late hip hop artist and battle rapper, Pat Stay will gather at events held in his honour on Saturday and Sunday.

    • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    • A Manitoba veterinary clinic has two new ways of figuring out what’s causing a horse to be lame.

    • Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    • BREAKING

      BREAKING

      A large police presence can be seen outside Regina’s Miller High School on Friday afternoon.

    • A 21-year-old man from Codette, Sask. is facing numerous charges in connection to a fatal crash near Wapella, Sask. Wednesday night that claimed the life of a 22-year-old Alberta woman.

    • Arguments between UR Pride and the Government of Saskatchewan on the Parents’ Bill of Rights will be moving ahead to the Court of Appeal for Saskatchewan beginning on Monday, Sept. 23.

    • Levels of hydrogen sulfide gas are being monitored at Brantford Collegiate Institute after a leak in their geothermal system.

    • Police have arrested an 18-year-old woman who allegedly stole a Porche and then ran over its owner in an incident that was captured on video.

    • The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.

    • A 69-year-old woman from Outlook, Saskatchewan is dead and three people are injured after a truck and SUV collided on Highway 15 on Thursday.

    • A garage fire in Saskatoon’s Willows neighbourhood on Friday narrowly missed igniting an attached home, according to the fire department.

    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.

    • The timeline is short, but London officials are confident in their ability to submit a strong application for a Homelessness and Addiction Recovery Treatment (HART) Hub that the province will begin funding next year.

    • A man is in hospital with life threatening injuries following a collision between a motorcycle and a vehicle on Friday afternoon.

    • A new outdoor music festival is launching this weekend in London - tickets are still available for the inaugural Fairway Fest at East Park.

    • Provincial police are investigating vandalism in Huntsville after the "senseless destruction" of flower displays along Main Street East.

    • A 17-year-old from Markham is facing serious charges after an August 11 shooting at a party in Caledon.

    • Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.

    • Windsor police say a 25-year-old mother has been charged with the drowning death of her 5-year-old child in the family’s backyard pool.

    • There is no threats to public safety following an incident involving a gun at a local high school.

    • A LaSalle couple has won $1 million after buying a ticket for the Aug. 13 LottoMax draw.

    • New Democrat Leader David Eby has launched his British Columbia election campaign a day early, making the key battle ground of Surrey his first stop.

    • The Old Man Lake wildfire near Sooke is the only one currently burning on Vancouver Island. It’s a region of the province that this year saw a drastic drop in blazes in the backcountry.

    • The debate over sexual orientation and gender identity education in schools is heating up. Protests both for and against SOGI in the curriculum took place across the country Friday.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.

    • Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.

    • A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.

    • Ontario Provincial Police say three suspects from southern Ontario have been charged and drugs worth $300,000 have been seized following a traffic stop Sept. 16.

    • A Brampton driver, 27, was charged this week when northern Ontario police stopped the SUV he was driving on Highway 17 after a reported shooting and found more than $100,000 in cash.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow CTV News