In a move that has stirred international controversy, U.S. Treasury Secretary Janet Yellen has called for unlocking frozen Russian bank funds, proposing their redirection to support Ukraine. Addressing the Group of 20 finance ministers in Brazil, Yellen emphasized, “It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction.”
Yellen’s proposition faced immediate challenges. The French Finance Minister expressed skepticism, stating, “We don’t think this legal basis is sufficient,” highlighting the need for broad international consensus before proceeding with any drastic actions.
In response to Yellen’s call, Canada and the U.S. joined forces in advocating for the confiscation of frozen Russian assets to aid Ukraine. A Canadian representative stressed the urgency, saying, “We need to, now more than ever, show Putin that we are serious, that we are not flagging in our support for Ukraine.” The focus on the assets of the Russian Central Bank is seen as a strategic move to exhibit resilience and determination.
Sources:
www.reuters.com/world/g7-finance-meeting-marred-by-divisions-over-seizing-russian-assets-2024-02-28/
www.zerohedge.com/geopolitical/yellen-wants-frozen-russian-bank-funds-be-given-ukraine
www.reuters.com/world/canada-us-agree-ukraine-needs-money-russian-assets-freeland-says-2024-02-27/