Group of Seven (G7) countries are considering options for possibly confiscating and sending $300 billion worth of frozen Russian assets to Ukraine as aid, but no decision has been made yet. US Treasury Secretary Janet Yellen announced this in a conversation with reporters in Virginia. Her words are quoted by The New York Times.
According to the head of the financial department, “no decision was made” on the possible confiscation and use of Russian assets to assist Ukraine. The minister explained that in order to move forward on this issue, the G7 will need to agree on a legal basis. She added that the possible impact of such a move on the dollar is cause for concern. According to Yellen, the G7 needs to reduce concerns that will arise after a potential confiscation, expressed in the fact that assets in the US and Europe are unsafe to store.
At the end of December last year, Reuters reported that during a meeting in late February, the leaders of the G7 member countries would discuss a US-developed theory with a legal basis for the possible confiscation of frozen Russian assets worth $300 billion. According to the agency’s interlocutors, US representatives do not expect that At the group’s meeting in February, G7 members will announce a decision to confiscate Russian assets, but they hope that G7 leaders will “agree to make a stronger statement” on the issue. To carry out confiscation, it is necessary to amend the laws of several countries, including the USA and the UK.
The Financial Times reported earlier that the United States had invited the Group of Seven countries to explore possible ways to confiscate frozen Russian assets. According to her, in December, the finance ministers of the G7 member countries and their deputies discussed how to develop a confiscation mechanism and avoid the risks associated with it. Germany, Italy and France said that the legality of the confiscation of Russian assets should be carefully assessed before making decisions, the publication noted.
Last year, the press secretary of the Russian President Dmitry Peskov stated that attacks on property rights – private, public or corporate – are absolutely unacceptable. In this regard, he stated that Russia will protect its interests as far as possible.
2024-01-08 22:05:00
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