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G7 discusses options for transferring frozen Russian assets to Ukraine

Apr 17, 2024

The United States, together with other G7 countries, is studying several options for the transfer of frozen Russian assets to Ukraine.

This was stated by US Treasury Secretary Janet Yellen, Reuters reports.

"I do fear that Russia is beginning to see signs that the U.S. and our allies are tiring, or finding it more difficult to find ways to support Ukraine, and that gives them hope that they can outlast us and wait for our resolve to crumble," the US Treasury Secretary said.

Yellen also noted that a number of options are being discussed, ranging from full confiscation of the assets to using them as collateral, noting that Washington was "very supportive" of recent moves by the EU to separate interest income from the frozen body of assets.

A senior US Treasury official said that no option had been ruled out, but noted that Ukraine would not be able to receive the entire amount at once.

According to Yellen, one of the most promising proposals is for the G7 countries to transfer a percentage of the proceeds of frozen Russian assets to Ukraine to be used as collateral for loans or bonds issued to help Ukraine.

Yellen also said that Western officials are assessing the risks associated with any such move, including Russian threats of "retaliation", but expressed confidence that their impact could be mitigated.

Author – Anastasiya Glotova, 17/04/2024

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