The Strategist

Yellen urges to hasten decision on frozen Russian assets

02/28/2024 - 09:43

According to US Treasury Secretary Janet Yellen, it is critical to ascertain how Russia's embargoed assets may be utilized to aid Ukraine. Yellen made this declaration prior to a gathering of the G20's central bank chiefs and finance ministers.

Grant Ellis / World Bank Group
Grant Ellis / World Bank Group
"I believe our coalition needs to find a way to use these blocked assets as quickly as possible to support Ukraine's resistance and its long-term recovery," she stated.

Yellen expressed her approval of the EU Council decision that elucidated the responsibilities of central securities depositories that retain assets and reserves of the Bank of Russia that were placed under lockdown due to EU restrictions.

The Russian Central Bank's assets, of which more than two thirds were in the EU, were immobilized in the form of cash and securities in the jurisdictions of the G7 partners, the EU, and Australia, totaling over €260 billion.

It is intended for the EU to realize the deferred revenues for Ukraine's benefit if a mechanism to take extraordinary proceeds from Russian assets is devised with G7 partners.