With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets

By DAVID McHUGH and FATIMA HUSSEIN
Associated Press

FRANKFURT, Germany (AP) — Ukraine’s allies are looking for ways to squeeze money out of frozen Russian assets and use the money to help Ukraine fend off Russia’s invasion. The Russian central bank holdings were kept outside the country, and Western countries quickly froze them after the February 2022 invasion. Many Ukraine supporters want to confiscate the $260 billion to make Russia pay for the widespread damage in Ukraine, and to keep Ukraine going in the fight. Europe, where most of the money is held, has balked at confiscating the funds outright over legal concerns. So the Group of Seven democracies are meeting starting Thursday to look at ways to tap the future interest interest payments to give Ukraine a big chunk of change right now when it’s most needed.