The government has asked the Bank of England to look at options for using Russian sovereign assets to fund Ukraine’s war effort, Chancellor Jeremy Hunt has told the BBC.
Mr Hunt said finance ministers around the world had discussed what more they could do, beyond sanctions, to disrupt Russia’s ability to pay for the war.
“This is an illegal war,” Mr Hunt said.
“This is an illegal war,” Mr Hunt said.
Speaking at the IMF’s annual conference in Marrakech, Mr Hunt told the BBC that finance ministers from some of the world’s largest economies – the G7 – had discussed “whether Russian sovereign assets could be used to fund Ukraine’s defence”.
“Anything to make sure that Putin knows in the end he won’t be able to afford this kind of aggression,” he said.
On Thursday, the G7 said it would explore how to tax profits on seized Russian assets to support Ukraine “in compliance with applicable laws”.
In September, US Treasury Secretary Janet Yellen and Mr Hunt signalled support for a European Union plan for a windfall tax on profits generated by frozen Russian assets.
Earlier in the year, the US had looked at using the assets themselves to help pay for Ukraine’s defence, but decided that it would not be legal to do so.
The government has asked the Bank of England to look at options for using Russian sovereign assets to fund Ukraine’s war effort, Chancellor Jeremy Hunt has told the BBC.
“This is an illegal war,” Mr Hunt said.
Mr Hunt said finance ministers around the world had discussed what more they could do, beyond sanctions, to disrupt Russia’s ability to pay for the war.
Speaking at the IMF’s annual conference in Marrakech, Mr Hunt told the BBC that finance ministers from some of the world’s largest economies – the G7 – had discussed “whether Russian sovereign assets could be used to fund Ukraine’s defence”.
“This is an illegal war,” Mr Hunt said.
“This is an illegal war,” Mr Hunt said.
Speaking at the IMF’s annual conference in Marrakech, Mr Hunt told the BBC that finance ministers from some of the world’s largest economies – the G7 – had discussed “whether Russian sovereign assets could be used to fund Ukraine’s defence”.
“Anything to make sure that Putin knows in the end he won’t be able to afford this kind of aggression,” he said.
On Thursday, the G7 said it would explore how to tax profits on seized Russian assets to support Ukraine “in compliance with applicable laws”.
In September, US Treasury Secretary Janet Yellen and Mr Hunt signalled support for a European Union plan for a windfall tax on profits generated by frozen Russian assets.
Earlier in the year, the US had looked at using the assets themselves to help pay for Ukraine’s defence, but decided that it would not be legal to do so.
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