Western allies a considering a proposal to help fund the rebuild of Ukraine by allowing Russian oligarchs to buy their way out of sanctions.
Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland proposed the idea at a G-7 finance ministers’ meeting in Germany last week.Ms Freeland raised the issue after oligarchs spoke to her about it, one official said.
The Canadian minister knows some Russian oligarchs from her time as a journalist in Moscow. The official said the Ukrainians were aware of the discussions. The official said it’s also in the West’s interests to have prominent oligarchswhile at the same time providing funding for Ukraine. “We would not be talking about this if there wasn’t some comfort on the part of the Ukrainians,” the official said. “We need to know that it works for them, too.”The officials spoke on condition of anonymity as they were not authorised to speak publicly about internal G-7 discussions. The proposal was raised in the context of providing additional money to Ukraine and how the frozen funds and assets of oligarchs could be a source of funds. At this point, it is just an idea, the official said, but Western allies have expressed interest. European Union officials have talked about the need to look at different and new avenues of confiscating assets and proving money to Ukraine. The funds would go towards helping rebuild Ukraine which has been repeatedly bombed by Russian forces.The proposal could help remove a legal hurdle for authorities in countries such as Germany, where the bar for confiscating frozen assets is very high. By voluntarily giving up a share of their fortune abroad, oligarchs would save Western governments the potential embarrassment of being rebuffed by their own courts.Western countries have imposed a raft of sanctions on oligarchs in response to Russia’s invasion of Ukraine. Many of their multibillion-dollar fortunes are, from investments in Silicon Valley startups to British Premier League soccer teams. Former Chelsea owner Roman Abramovich, who was sanctioned over his links to Putin, has said that net proceeds from the sale of the soccer team would be donated to victims of the war in Ukraine. A deal to sell the soccer club has dragged out as the British government makes sure that Mr Abramovich does not profit from the enforced sale.
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