With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets

File - G7 finance ministers and central bank governors arrive for a group photo at their meeting in Niigata, Japan, on May 12, 2023. G7 finance ministers will gather in Stresa, Italy , May 24-25, 2024, in search of ways to squeeze more money for Ukraine out of Russia n central bank assets frozen in Europe and the U.S.

U.S. Treasury Secretary Janet Yellen said during a speech Monday in Frankfurt, Germany, that “it’s vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets in our jurisdictions for the benefit of Ukraine.” Ukraine spends almost the entirety of its tax revenue on the military and needs another $40 billion a year to continue paying old-age pensions and the salaries of doctors, nurses and teachers — the glue that holds society together under dire wartime circumstances. Support from allies and a $15.4 billion loan from the International Monetary Fund was initially thought to have secured the budget for four years, but the prospects of an extended conflict have darkened the outlook.

Thanks to EU support and the U.S. aid package, passed after months of delay, this year’s budget “looks decent in terms of budget financing” but “next year is going to be much more challenging,” said Benjamin Hilgenstock, senior economist at the Kyiv School of Economics Institute.

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