G7 urgently seeks method to transfer Russian assets to Ukraine, US Treasury chief says
Janet Yellen, U.S. Secretary of the Treasury (Photo: Getty Images)
Countries of the Group of Seven (G7) urgently need to develop a way to confiscate frozen Russian assets for the benefit of Ukraine, according to the US Secretary of the Treasury, Janet Yellen.
"It is necessary and urgent for our coalition (G7 - Ed.) to find a way to unlock the value of these immobilised assets to support Ukraine’s continued resistance and long-term reconstruction," the minister said.
She explained that there is strong international law, economic, and moral arguments in favor of confiscating the assets of the aggressor country.
According to Yellen, such a step would be a strong response to the unprecedented threat to global stability posed by Russia.
"It would make clear that Russia cannot win by prolonging the war and would incentivise it to come to the table to negotiate a just peace with Ukraine," she added.
Confiscation of Russian assets
At the end of last year, the Financial Times reported that the United States proposed to G7 countries to confiscate $300 billion of Russian assets for the benefit of Ukraine.
Allies wanted to agree on a plan for asset confiscation by the second anniversary of the full-scale invasion of Ukraine, but they did not succeed.
Recently, IMF Communications Director Julie Kozak stated that the confiscation of Russian assets must have a solid legal basis.
