The government wants the Bank of England to find ways to use Russian assets to help pay for Ukraine’s war, according to Chancellor Jeremy Hunt in an interview with the BBC.
Mr Hunt said that finance ministers from various countries have talked about finding additional methods, other than sanctions, to interfere with Russia’s capability to finance the war.
“Mr Hunt said that this war is not allowed or lawful. ”
We must do everything possible to stop Russia from giving money to it.
Mr Hunt talked to the BBC at the IMF’s yearly conference in Marrakech and said that finance ministers from the G7, which are the biggest economies in the world, talked about whether Ukraine’s defense could be funded by using Russia’s government-owned properties.
“He said that we should do whatever it takes to make sure Putin understands that he won’t be able to continue being aggressive because it will cost him too much. ”
The G7 group announced on Thursday that they will look into how to tax profits from Russian assets that have been taken in order to help Ukraine. They will do this while following the relevant laws.
In September, the US Treasury Secretary Janet Yellen and Mr. Hunt showed that they agreed with a European Union idea to tax the extra money gained from the profits of Russian assets that have been kept locked.
Earlier this year, the US considered using their own resources to help financially support Ukraine’s defense. However, they later concluded that this would not be allowed by law.
On Friday, Mr. Hunt said that Britain will always follow the rules, but the G7 group has requested central banks to explore any options because we strongly believe that this war is against the law of the world.
The chancellor said that the war in Ukraine was taking longer to resolve than people wanted, and that the world needs to prevent getting tired of dealing with Ukraine’s situation.
He said, “We need to be honest and tell people that it will take a while. So, for now, we must be careful and cautious in how we handle the British economy. ”
The European Union and the US are trying to find better ways to use money that Russia cannot access and make the punishments against Russia work better.
On Thursday, the US government punished two companies for breaking a limit on the cost of Russian oil.
Several countries, such as the US, the G7, the European Union, and Australia, joined forces to limit Russia’s crude oil prices at $60 per barrel. This was done in order to restrict Russia’s ability to continue its war against Ukraine.
The US discovered that a ship owned by Turkey’s Ice Pearl Navigation Corp and a tanker owned by Lumber Marine of the United Arab Emirates sold crude oil for $80 and $75 per barrel, respectively.
The US Treasury has prevented the companies from buying or owning property in the US.
The oil prices increased on Friday because sanctions were made stricter.
The price of West Texas Intermediate also went up by 3. 6% to $8658
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UK looks into using Russian equipment for Ukraine’s defence
