Western leaders have agreed to the concept of using the interest from frozen Russian financial assets to help support Ukraine fight Russia and rebuild after the lengthy war.
But they’re still working out the details of exactly how and when to distribute the roughly $3 billion in annual interest. Those negotiations are at the top of the agenda for the G7 leaders’ summit in Puglia, Italy.
What are the frozen Russian assets and how much are they worth?
When Russia invaded Ukraine in 2022, Western governments froze about $300 billion in Russian assets — including money, securities, gold and bonds — held mainly in banks in Europe.
Leaders of the G7 economies have agreed to use the interest generated by the assets — about $3 billion per year — to help Ukraine buy weapons for its fight against Russia and rebuild after the war.
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What are the sticking points?
The United States and European countries have different proposals for distributing the money.
Scheherazade Rehman, a professor of international finance at George Washington University, explained it in simple terms.
“The Europeans would like to transfer them to Ukraine yearly or every two years, so spread it out. The Americans, however, want to find a way to get this money very quickly to Ukraine all at once,” Rehman said.
The European proposal would see about $3 billion a year go to Ukraine, and only interest from a certain part of the frozen Russian assets — $190 billion held by a company called Euroclear in Belgium — would be shared.
The U.S., on the other hand, wants to give $60 billion to Ukraine up front, because Ukraine’s need on the battlefield is dire. Officials have said the interest generated from the frozen Russian assets would go toward paying back that money.
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Rehman said Washington has the weaker hand in the debate because only about $5 billion of the $300 billion in Russian assets are held in the United States — and European nations are concerned about how they would be paid back for a big initial lump sum.
Anatolii Stepanov/AFP via Getty Images / AFP
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A boy jumps next to a destroyed Russian self-propelled gun on Mykhailivska Square in the center of Kyiv on June 11.
Will the G7 reach an agreement by the end of the summit?
It’s hard to say what this agreement will look like in its final form — but officials familiar with the planning have told reporters that President Biden is going to make a final push to secure a deal.
The agreement will likely be some sort of compromise between the European and U.S. proposals. But Rehman said recent elections in countries like France and Germany may also affect discussions.
“Europeans really have to get their act together at this G7 meeting because they’re on shaky ground just because of the European parliamentary elections that just took place where the hard right has now got a historic toehold,” she said.
“The Europeans are coming into this with very different footing than if this was 10 days ago.”
UCLA’s win over No. 1 ranked South Carolina wasn’t a fluke, and Bruins center Lauren Betts says if you haven’t been paying attention, now would be the time to.
Let’s say the thing. It was not close on Sunday. From the opening tip to the final buzzer, UCLA commanded the floor and had an answer for everything the Gamecocks tried to do. The Bruins beat South Carolina on the boards (41-34), held four starters to under five points, and *checks notes* not a single starter went to the free-throw line. UGLY STUFF.
Furthermore, five UCLA players scored in double figures, including Londynn Jones, who was sensational from the line with five 3-pointers, and star center Lauren Betts, who had 11 points, 14 rebounds, four assists and four blocks. WHEW. Postgame, Betts raved about her team and how proud she was, but she also sent a direct warning to college basketball. “If you’ve been sleeping on UCLA,” Betts said. “You need to stop right now.”
Clemson football looks to win its second straight Palmetto Bowl.
The No. 12 Tigers (9-2) faces in-state rival No. 14 South Carolina (8-3) on Saturday (noon ET, ESPN) at Memorial Stadium. This will be the 121st meeting between these two programs and one of the highest-ranked rivalry games in Week 14.
There are still tickets available for Clemson’s last game in Death Valley in the regular season. Here are the best prices for remaining seats.
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See Clemson ticket prices for every game this season
Clemson tickets vs South Carolina
Ticket prices for Clemson’s final home game against South Carolina on Saturday start at $175 on StubHub and at $167 on VividSeats. Prices in the lower bowl range from $224 to over $1000 on both sites.
To see a full list of ticket prices, visit StubHub or VividSeats.
MORE: Why Clemson showcases patriotism before football games at Memorial Stadium
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Clemson football schedule 2024
Aug. 31: Georgia 34, Clemson 3
Sept. 7: Clemson 66, Appalachian State 20
Sept. 21: Clemson 59, NC State 35
Sept. 28: Clemson 40, Stanford 14
Oct. 5: Clemson 29, Florida State 13
Oct. 12: Clemson 49, Wake Forest 14
Oct. 19: Clemson 48, Virginia 31
Nov. 2: Louisville 33, Clemson 21
Nov. 9: Clemson 24, Virginia Tech 14
Nov. 16: Clemson 24, Pitt 20
Nov. 23: Clemson 51, The Citadel 14
Nov. 30: vs. No. 14 South Carolina, noon ET (ESPN)
South Carolina football 2024 schedule
Aug. 31: South Carolina 23, Old Dominion 19
Sept. 7: South Carolina 31, Kentucky 6
Sept. 14: LSU 36, South Carolina 33
Sept. 21: South Carolina 50, Akron 7
Oct. 5: Ole Miss 27, South Carolina 3
Oct. 12: Alabama 27, South Carolina 25
Oct. 19: South Carolina 35, Oklahoma 9
Nov. 2: South Carolina 44, Texas A&M 20
Nov. 9: South Carolina 28, Vanderbilt 7
Nov. 16: South Carolina 34, Missouri 30
Nov. 23: South Carolina 56, Wofford 12
Nov. 30: at No. 12 Clemson, noon ET (ESPN)
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The UCLA women’s basketball put the country on notice, defeating the #1 South Carolina Gamecocks 77-62 at home on Sunday.
The sold out crowd at Pauley Pavilion was engaged all night, with UCLA never trailing in the win, a signature victory for Cori Close’s program. South Carolina entered Sunday’s game winners of 43 in a row, including an undefeated season last year that ended with a national title.
UCLA took a 43-22 lead into halftime, taking an early first quarter lead and never looking back. UCLA didn’t allow a South Carolina basket in the game’s first five minutes, holding the Gamecocks for the first half of the first quarter. A three by junior guard Londynn Jones gave the Bruins a 15-2 lead with 2:36 to play in the opening quarter.
Junior guard Kiki Rice was a full-go for UCLA for the first time all season, with Rice scoring 11 points on 5-11 shooting in 28 minutes. It was a modest scoring night for junior center Lauren Betts, finishing with 11 points, 14 rebounds and four blocks while playing 37 minutes. Jones led the Bruins with 15 points, as UCLA had five players with double figures.
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South Carolina shot the three ball well, going 8-12 from deep but just 29.6% on two point shots. The Gamecocks would win the second half 40-34 but after the dominant first half by the Bruins, it was too late.
The #5 Bruins are due to climb in the rankings after doing what no other women’s college basketball team has done since April of 2023, beat the South Carolina Gamecocks.
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