U.S. Treasury Secretary Janet Yellen stressed the urgency of the G7 reaching an agreement to use the proceeds from frozen Russian assets and redirect them to Ukraine. This is raised as a crucial step ahead of the next meeting of the group in Sao Paulo.

The current situation has led to an increase in calls in the United States and Europe to create a fund for Ukraine, tapping into the billions of dollars in bank accounts, investments and other assets that remain frozen by the West since the Russian invasion of February 2022.

According to Yellen, it is imperative that the coalition find a way to unlock the value of these frozen assets, with the aim of supporting continued resistance and long-term reconstruction of Ukraine.

The Secretary of the Treasury expressed her belief that there are strong arguments based on international law, economics and morality to move in this direction. It also believes that it would be a decisive response to Russia’s unprecedented threat to global stability. Ultimately, this would send a clear message that Russia cannot win by prolonging the war, but should sit down and negotiate a fair peace with Ukraine.

In the context of the G7, which includes countries such as Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union, the possibility of seizing Russian assets or using them as collateral for borrowing on global markets is being assessed. However, this proposal is not without risks, such as possible legal action by Russia or concern that other countries, such as China, will reduce their investments in the West to protect themselves from similar measures.

The international community is following this situation closely, as Ukraine desperately needs more support in its fight against Russian aggression. The West has frozen about $397 billion in Russian assets, ranging from the central bank to properties and assets of oligarchs close to President Vladimir Putin.

K. Tovar

Source: Business Recorder

(Reference image source: @AJEnglish, X)

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