The US has proposed that working groups from the G7 explore ways to seize $300 bn in frozen Russian assets and use them to help Ukraine, as per the Financial Times.
The country’s allies rush to agree on a plan in time for the second anniversary of the Russian full-scale invasion of Ukraine on 24 February.
While no decisions have been taken, the acceleration of work on seizing Russian money highlights its rising importance for the West.
The topic was discussed this month by G7 officials, who are working on how to develop a proper policy for confiscating assets.
The three working groups proposed by the US would focus on addressing the legal issues related to seizure, the method of applying such a policy and mitigating risks, and options for how to transfer the funds to support Ukraine.
Germany, France, Italy, and the EU have expressed reservations, emphasizing the need to carefully assess the legality of confiscating Moscow’s assets before approving any decisions. Several European ministers also underlined the need to maintain high levels of secrecy over the work.
Others have raised concerns that the debate over confiscations will imply there is an alternative to traditional funding packages for Ukraine.