Russian assets will not replace American aid to Ukraine

US Treasury Secretary Janet Yellen said any plan to confiscate frozen Russian assets to help Ukraine could not be seen as a substitute for urgently needed aid to the country.

“I see no real replacement for Congress to provide the assistance Ukraine needs this year. I don’t think anyone can fill this gap,” she said in an interview with Bloomberg, Ukrinform reports.

According to Ellen, although the European Union has already approved “very significant funding” for Ukraine, and Japan has also contributed, “the total amount seems insufficient.”

In her opinion, these funds can help Ukraine soon while the country awaits broader assistance.

Currently, more than $60 billion of proposed US emergency aid for Ukraine is stuck in the US Congress for months. After the approval of the bill providing assistance to Ukraine in the Senate, the House of Representatives has not yet voted on it.

Earlier, US President Joe Biden said he wants the G7 to make progress on using frozen Russian sovereign assets before the leaders meet in June.

France and Germany, along with the European Central Bank, have expressed concerns about Russian retaliation against European assets, as well as the impact on financial stability and the euro's status as a reserve currency, especially since more than two-thirds of the assets in question are located in Europe.

Ellen acknowledged Europe's concerns but said her colleagues were open to cooperation.

Author - Serhii Kolomiets, 04/03/2024