Espreso. Global

Frozen Russian assets won't replace US aid to Ukraine - Treasury Secretary Yellen

1 March, 2024 Friday
17:25

Any plan to confiscate or monetize Russia's $300 billion in frozen assets for Ukraine won't be a substitute for the urgently needed aid that is being delayed in Congress

US Treasury Secretary Janet Yellen said this, Bloomberg reports.

“I don’t see a real substitute for Congress providing Ukraine the aid it needs this year. I don’t think anyone can fill that gap,” Yellen said.

According to Yellen, the total amount of aid to Ukraine seems insufficient, even after the EU offered very significant funding and Japan allocated $12.1 billion. According to her, these funds can help the state in the near future, while Kyiv is waiting for more comprehensive support.

The US Treasury Secretary emphasized that Ukraine could face serious difficulties without a $60 billion aid package.

What is known about the confiscation of Russian assets

On November 30, the US Senate introduced a bill to confiscate Russian assets. On January 11, the Biden administration supported the confiscation of Russian assets for transfer to Ukraine.

Meanwhile, the European Commission has a plan to raise EUR 15 billion from Russia's frozen assets to be used as financial aid for Ukraine.

At the same time, Russia has estimated that the West could lose assets and investments worth at least $288 billion if it confiscates frozen Russian assets to help rebuild Ukraine, and said Moscow would retaliate.

On January 23, Belgian Ambassador to the United States Jean-Arthur Régibeau said that Western countries should make a collective decision to confiscate frozen Russian assets, most of which are stored in the Brussels-based Euroclear settlement center.

On January 24, a US Senate committee approved a bill to confiscate Russian assets and transfer them to Ukraine.

On January 30, the Political Affairs Committee of the Parliamentary Assembly of the Council of Europe adopted a draft resolution that provides for the confiscation of frozen Russian assets and their transfer to a new fund for Ukraine's recovery.

Europe holds €191 billion of Russia's €260 billion in frozen foreign assets, which generated €4.4 billion in profit in 2023, and is willing to transfer them to Ukraine.

The G7 countries and the EU are discussing a plan to use the frozen assets of the Russian central bank worth more than $250 billion as collateral to finance Ukraine's recovery.

On February 12, the EU Council decided to regulate the future mechanism for using profits from frozen Russian assets in the EU in favor of Ukraine.

British Prime Minister Rishi Sunak said that Western countries should be bolder in confiscating Russian assets that they froze after Russia's full-scale invasion of Ukraine.

Tags:
Read also:
  • News
2024, Friday
12 April
15:40
Lithuania launches rehabilitation program for wounded Ukrainian servicemen
15:20
How many combat-ready F-16s can Ukraine get from Norway?
15:00
Russia will force prison staff in occupied Luhansk region to fight against Ukraine
14:45
Exclusive
"A legitimate military target": Parliamentary Committee Chairman Merezhko on Pentagon's criticism of strikes on Russian refineries
14:23
OPINION
2040. Truce scenarios and their deadlines
14:05
Russian invaders hold captive over 1,000 residents of occupied Zaporizhzhia region
13:47
Russia claims Ukrainian drone crashes into Belgorod administrative building
13:27
UK considers sending prototypes of DragonFire laser weapons to Ukraine — Shapps
13:17
Exclusive
Kh-69 missile deemed more dangerous than Kinzhal used in Trypilska TPP strike: explained by military expert
13:00
Review
Attack of the Drones: All about Ukrainian UAV strikes on Russian airfields, significance and consequences
12:44
Updated
Russian media report drone attack on Novoshakhtinsk refinery, Defense Ministry reports on air defense operations
12:32
German Ambassador to Ukraine visits Zaporizhzhia
12:16
Updated
Russian missile attack on Odesa region on April 10: death toll rises to 6
12:00
OPINION
NATO's limited humanitarian contingent in Ukraine is realistic
11:40
UN announces "existential threat" to Ukraine
11:26
Exclusive
Russian army tries to break through to Kurakhove — Ukrainian officer on Avdiivka sector
11:05
Review
Russia bolsters arsenal for striking Ukrainian targets. Serhiy Zgurets's column
10:43
Russia loses air defense system, 9 tanks and 840 soldiers per day - General Staff
10:31
"Slow but steady gains": Russia is taking advantage of Ukraine's air defense deficiencies — ISW
10:15
Estonia proposes to recognize Moscow Patriarchate as terrorist organization
10:00
Updated
Death toll from Russian ballistic missile attack on Mykolaiv on April 11 rises
09:41
Russia sends troops, navy, aviation, air defense from Far East to war against Ukraine - Ukraine’s Intelligence
2024, Thursday
11 April
21:50
Review
Victorious news of 778th day of war: Russian flag follows Russian warship in Pervomaiske, additional payments for the military at contact line
21:33
Frontline report: 53 combat clashes, majority near Bakhmut and Novopavlivka
21:10
Over 2,605 participants of “special military operation” convicted in Russia since February 2022
20:49
Lithuania provides Ukraine with new aid package
20:30
Ukraine is running out of missiles for Iris-T, Patriot air defense systems — Bild journalist
20:10
Exclusive
Defense Express explains what Russian missiles Ukrainian air defense cannot shoot down
19:50
Kharkiv region announces evacuation of families with children from 47 frontline settlements
19:30
Ukraine's Kuleba invites partners, who decide on air defense supply, to spend night in Kharkiv
19:11
Russia launches air strike on Sumy thermal power plant: details
18:51
Updated
Russian attack on Kharkiv destroys transformer substation and damages TPP
18:29
Exclusive
“Russian flag in Pervomaiske followed Russian warship": officer of 59th Brigade Tsehotskyi 
18:05
American people, Congress support aid for Ukraine - former US State Department spokesman Price
17:44
Kurganmashzavod is the only manufacturer of infantry fighting vehicles in Russia
Flood engulfs Kurgan with Russia's only IFV manufacturer that will be underwater: official map
17:23
Exclusive
Sandu on readiness for war with Russia: "We believe in Ukraine's victory and will continue to support it"
17:05
MEPs refuse discharge of EU Council budget until Ukraine receives 7 more Patriot systems
16:45
Ukrainian parliament adopts draft law on mobilization
16:24
Updated
Zelenskyy discusses defense cooperation with Czech and Romanian presidents at Three Seas Summit
16:08
Pentagon discloses $23 million SpaceX contract for Starlink in Ukraine
More news