Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

US Treasury Secretary: Frozen Russian assets could aid Ukraine through various means

Options include using assets as collateral for Ukraine to borrow against or following EU’s approach of segregating interest earned on Russian assets to transfer to Ukraine
US Treasury Secretary Janet Yellen
US Treasury Secretary Janet Yellen. Credit: BBC
US Treasury Secretary: Frozen Russian assets could aid Ukraine through various means

US Treasury Secretary Janet Yellen said on 25 April that the outright seizure of Russian assets is justifiable but is only one possible option, Reuters reports. “Assets (also) able to serve as collateral for borrowing in the market to help Ukraine,” she said.

“That’s an option that’s been discussed. The leaders (G7) have asked us to give them a range of options,” Yellen said in an interview with Reuters.

She highlighted the European Union’s approach, saying, “The Europeans have taken a very constructive step, and most of the Russian assets held in Belgium have now been converted to cash, and Euroclear earns interest on those assets. The European Union has agreed to segregate that interest and essentially move forward on a program in which it can be transferred to Ukraine.”

According to the report, Yellen acknowledged this as “an approach that could be broadly supported by countries concerned about seizure of assets … there are a range of options.”

Western countries have frozen over $300 billion of Russian assets since the full-scale invasion of Ukraine began, but outright confiscation has not been achieved due to legal and reputational risks.

The US and G7 countries are considering several options, including using the proceeds from Russian assets to provide aid and weapons to Ukraine or transferring the assets to Ukraine as compensation for Russia’s aggression.

Vice President of the European Commission Valdis Dombrovskis said the $300 billion in frozen Russian assets could be used as collateral for loans to Ukraine.

The recent US aid package signed by President Joe Biden on 24 April allows his administration to seize Russian state assets and use them for Ukraine’s benefit, though it is unlikely the US will do so without the consent of other G7 members and the European Union.

The G7 nations intend to discuss confiscating proceeds from Russian assets for Ukraine’s benefit ahead of the June G7 Summit.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here



    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts