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Reuters: US eyes profits from frozen Russian assets to provide Ukraine urgent aid

The US and its G7 allies are advancing discussions on tapping into profits from frozen Russian assets to provide Ukraine with urgently needed funds, a senior US Treasury official said.
attack on sumy march 2024
Destroyed 5-storey residential building in Sumy due to Russian attack on 13 March, 2024. Credit: Sumy Military Administration
Reuters: US eyes profits from frozen Russian assets to provide Ukraine urgent aid

On 4 June, a senior US Treasury official said that the US and its G7 partners are making progress on finding ways to provide Ukraine with urgently needed funds by tapping the value of profits earned on frozen Russian assets, according to Reuters. 

For many months, Western countries have been looking for tools on how to confiscate Russian assets and use them to help Ukraine rebuild its cities destroyed in Russian attacks. 

Brent Neiman, who oversees international finance at the Treasury Department, stated that the European Union’s recent choice to utilize the yearly stream of profits from frozen Russian assets could potentially provide Ukraine with billions of dollars annually to support its defense against Russia’s military offensive.

Neiman also mentioned that the US and its G7 allies are making progress in talks about immediately providing Ukraine with an even greater amount of funds.

“One possibility may be to lend a significant amount up front to help Ukraine over the short run and link repayment of that loan to the stream of future windfall profits,” he said.

Neiman, who recently visited Ukraine, stated that taking this action would give Ukraine an immediate financial boost and send a message to Russian President Vladimir Putin that he “cannot simply outlast Ukraine and its partners.”

A Treasury official mentioned that there are technical details to be resolved and other options are still being considered, but did not provide further information.

Earlier, White House spokesperson John Kirby informed reporters that President Joe Biden would likely discuss this issue during his visit to France this week and his meeting with G7 leaders in Italy next week. However, Kirby refrained from indicating whether any agreement was close to being reached.

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