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Biden and Macron to discuss using $300 billion in frozen Russian assets for Ukraine

Biden and Macron to discuss using $300 billion in frozen Russian assets for Ukraine Photo: Emmanuel Macron and Joe Biden (collage by RBC-Ukraine)
Author: Liliana Oleniak

US President Joe Biden and French President Emmanuel Macron will discuss the possible use of frozen Russian assets to help Ukraine, according to Reuters.

The American leader arrived in Paris today, June 5, to mark the 80th anniversary of the Allied landings in Normandy during World War II, known as D-Day. Biden will spend five days in France, holding a series of meetings and delivering a speech.

John Kirby, Strategic Communications Coordinator for the National Security Council at the White House, said that during the visit, Biden and Macron will discuss the potential use of $300 billion in frozen Russian assets to help Ukraine.

Ukraine's President Volodymyr Zelenskyy is also scheduled to visit France. The White House reported that Zelenskyy would meet with Biden.

Using frozen Russian assets

Recently, the allies have been discussing the possibility of a $50 billion loan to Ukraine secured by Russian assets.

This idea was proposed by the United States and is being actively discussed by other partners. The U.S. Treasury Secretary said that the proposal should be presented at the G7 leaders' summit in Italy. According to her estimates, the profits from frozen Russian assets amount to $3 to $5 billion annually.

The Financial Times notes that the US is ready to provide Ukraine with a $50 billion loan if the EU extends sanctions against Russia indefinitely.