The United States is discussing with its allies the possibility of using frozen assets for military assistance to Ukraine.
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The New York Times writes that the Joe Biden administration is now trying to figure out what legal obstacles there might be if it starts using Russian frozen assets.
Even if the US Congress manages to agree on the allocation of new funds to support Ukraine, then, given the decline in funding support from Republicans, Kyiv needs to have an alternative source of income to cover its needs, says one of the publication’s sources in the Biden administration.
President Biden’s administration supports $300 billion in seizures. Russian assets and is conducting urgent negotiations with allies. Discussions continue on how to use this money: give it directly to Ukraine or use it for Ukraine in another way, spend it only on reconstruction or military needs.
In October, the G7 countries pledged to hold $280 billion. sovereign Russian assets until Russia compensates Ukraine for the losses caused by the invasion. This amount is approximate and has not yet been calculated.
To date, there is no legal mechanism for using sovereign assets to rebuild Ukraine, so the United States, together with European partners, is still working on this issue.
Talks between finance ministers, central bankers, diplomats and lawyers have intensified in recent weeks, according to The New York Times. The Biden administration is allegedly pressing Britain, France, Germany, Italy, Canada and Japan to develop a strategy for the second anniversary of the full-scale invasion.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.