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Russia should pay for restoration of Ukraine, US Treasury Secretary says

confiscation russian assets reparations
Confiscation of Russian assets. Credit: Stanislav Glazkov
Russia should pay for restoration of Ukraine, US Treasury Secretary says

The United States believes Russia should pay for the damage caused in Ukraine, US Treasury Secretary Janet Yellen said in an interview with CNN.

The United States is discussing with its allies what mechanisms should be applied to transfer frozen Russian assets to Ukraine and invest those funds into Ukraine’s restoration as soon as Russia’s aggression against Ukraine is over, Janet Yellen said on 15 April 2023.

“That’s a responsibility that I think the global community expects Russia to bear,” Yellen said. “This is something we’re discussing with our partners, but there are legal constraints on what we can do with frozen Russian assets.”

Ukraine plans to use Russia’s frozen assets to finance recovery from war – PM Shmyhal

Talking about the main factors that have pushed up inflation in the US, Yellen mentioned Russia’s invasion of Ukraine, which raised food and energy prices, and pandemic-era supply chain disruptions, which caused key material shortages that gummed up critical pieces of the US economy, such as the auto industry.

The long-term recovery of Ukraine will cost hundreds of billions and should be financed with Russian funds, the Prime Minister of Ukraine Denys Shmyhal said during a press briefing for the media outlets in New York in September 2022.

The frozen Russian assets amount to $300 to $500 billion.


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