Excerpts of a speech by US Treasury Secretary Janet Yellen indicate that immobilized Russian assets will be a key topic of discussions among G7 finance leaders this week.
G7 allies are warming to a US plan that can raise around $50 billion for Ukraine, the Financial Times reported on Monday. The plan involves a G7 loan backed by future profits from around $350 billion of Russian assets that were immobilized after Moscow's invasion of Ukraine, the report added.For Italy, which holds the G7 presidency this year, the proposal is an"interesting way forward" and one to be explored further.Any decision, however, needs the European Union's support, a solid legal basis and will only be announced when G7 leaders meet in June, the source said.
"If we stand by as dictators violate territorial integrity and flout the international rules-based order, they have no reason to stop at their initial targets," Yellen said in the speech excerpts. "I believe it's vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets immobilized in our jurisdictions for the benefit of Ukraine," she said.Asked about details of the $50 billion aid package, a senior US Treasury official told reporters on Friday that"we're certainly trying to make progress on this issue," without committing to specifics.
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