Freeland says it's 'entirely appropriate' to use seized Russian assets to rebuild Ukraine

Russia should foot the bill for the rebuilding of Ukraine because of the war, according to the Finance Minister.

Freeland told reporters on a call from Germany on May 20 that it was appropriate for the aggressor to help pay for the rebuilding ofUkraine.

The G7 meeting at which Freeland and her counterparts from the United States, Japan, Germany, France, the United Kingdom, Italy agreed on US$9.5 billion in Ukraine was followed by comments.

The Canadian government is creating a legal framework for the seizure of Russian assets, and Freeland suggested that those assets could be sold to finance the rebuilding of Ukraine.

The minister asked if those costs should be paid by the people of Ukraine. Should Canadians pay those costs? I think it's appropriate for those costs to be paid by the Russian assets.

When asked if she thought the seizure and sale of Russian assets constituted theft, Freeland said there was a strong moral and practical justification for Ukaine's allies to claim the assets.

Canada has an opportunity to lead by example and show what can be done with asset seizure legislation.

Defends the Bank of Canada

The International Monetary Fund will administer the additional $250 million loan from Canada to Ukraine. Canada provides a total aid of $1.9 billion.

In order to win the war, Ukraine needs further financial support from the world democracies.

The loan announcement followed the G7 talks in Bonn, Germany, about global issues including climate change, inflation, and the economic recovery following the Pandemic. Despite low unemployment rates that suggest a successful fight against the severe recession that followed the early waves of the pandemic, economists have begun worrying about a second downturn as runaway prices for energy and food weigh on spending.

It is clear to us all that we are living through a period of global volatility. We have evidence. The Russian invasion of Ukraine is happening. Freeland said that China has a zero-COVID policy.

The leader of the Conservative Party promised to fire the governor of the Bank of Canada after she was asked her views on inflation in Canada, which has reached a three-decade high.

In this environment, responsible political leadership means reinforcing for Canadians, and for the world, our government's very clear commitment to the independence of the Bank of Canada, said Freeland.

Marshall Plan for Ukraine

The main preoccupation of the minister was the situation in Ukraine. The seizure of Russian assets and using them to help pay for reconstruction was discussed by Freeland and her counterparts.

The G7 countries are determined to continue targeting the ill-gotten gains of Russian elites around the world through the Russian Elites, Proxies, and Oligarchs Task Force.

The members of the G7, the European Union, and Australia formed a task force in March. In order to find, restrain, freeze, seize, and where appropriate, confiscate or forfeiture the assets of those individuals and entities that have been sanctioned in connection with Russia, ministers committed themselves to, allocating our resources and working together to take all available legal steps.

Despite the international community's efforts to fight back against Russian aggression, the U.S. Treasury Secretary said on May 17 that she was underwhelmed by the support that had been offered to Ukraine to date.

The Marshall Plan, a $12-billion package organized by the U.S. to rebuild Europe after 1945, will be needed for reconstruction and recovery in Ukraine.

Ahead of the G7 meeting, Yellen said thatUkraine will have to take one step at a time, but we can help today and acknowledge and prepare for what is coming.

Email: mcoulton@postmedia.com