The US will not confiscate RF assets without the consent of the G7

The massive US aid package for Ukraine and other allies that President Joe Biden signed on Wednesday also allows his administration to seize Russian state assets and use them to benefit Ukraine. But the US is unlikely to do so without the consent of the other G7 members and the European Union.

This is reported by RBC-Ukraine with reference to AP.

The US has frozen 5 billion dollars of the Russian central bank.

The confiscations will be carried out in accordance with the provisions of the Law on Restoration of Economic Prosperity and Opportunities for Ukrainians, which was included in the draft law on assistance to Ukraine.

The new law requires the US president and the Treasury Department to begin a search for Russian assets in the United States within 90 days and report to Congress within 180 days. One month after that deadline, the president will be allowed to "seize, confiscate, transfer, or assign rights" to any Russian state sovereign assets, including any interests, within US jurisdiction.

But the US wants to continue consulting with global allies and act together, which will likely slow down the process, the AP agency writes.

The president's national security adviser, Jake Sullivan, said on Wednesday that the issue would be an important topic when G7 leaders meet in Italy in June, adding that "the ideal is that we all move together."

The law signed by Biden states that "any efforts by the United States to confiscate and repurpose Russian sovereign assets" must be made with international allies, including the G7, the 27 members of the European Union, and other countries in a coordinated effort.

Treasury Secretary Janet Yellen said the US is unlikely to act without the support of its G7 allies.

Author - Serhii Kolomiets, 25/04/2024