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G7 leaders to be presented with US idea of using Russian assets for Ukraine

G7 leaders to be presented with US idea of using Russian assets for Ukraine US Treasury Secretary Janet Yellen (Getty Images)
Author: Maria Kholina

G7 leaders at the summit in Italy may be presented with a proposal to grant Ukraine a loan secured by frozen Russian assets, citing US Treasury Secretary Janet Yellen.

According to Yellen, the loan proposal has garnered significant support. The US Treasury Secretary estimates that the income from the frozen Russian assets amounts to approximately $3 to $5 billion annually.

"So we're hopeful that this can be worked into something to be presented to the leaders at the upcoming G7 meeting," Yellen said.

The White House also said that any decision regarding the monetization of around $300 billion from frozen Russian assets must be made in coordination with allies and other countries.

US Treasury Assistant Secretary Brent Neiman also stated that the US and G7 partners are making progress in finding a faster way to utilize the income from Russia's frozen assets.

US proposal

Ukraine's allies from the Group of Seven are discussing the possibility of using Russia's frozen assets to benefit Ukraine. The US proposes granting Ukraine a $50 billion loan secured by Russian assets.

G7 finance ministers made some progress on this issue during their meeting at the end of May.

The head of the World Bank stated that he would agree to manage the G7 credit fund for Ukraine if an appropriate decision is made.