According to a different report, US Treasury Secretary Janet Yellen has engaged with France Finance Minister Bruno Le Maire to explore avenues for utilizing the frozen assets of the Russian Federation to provide support for Ukraine. This discussion is occurring in anticipation of the forthcoming G7 leaders’ summit scheduled for June, where the fate of these assets is slated to be a key agenda item.
Following a public disagreement between French Finance Minister Bruno Le Maire and US Treasury Secretary Janet Yellen regarding the legality of converting frozen Russian assets into funds, Yellen’s request for assistance came in its aftermath.
Despite this disagreement, the US, along with its allies, remains steadfast in its commitment to exploring avenues to leverage these assets while ensuring compliance with legal frameworks.
Bruno Le Maire’s recent public statement expressing opposition to Yellen’s approach highlights a notable division within the G7 nations on this matter, underscoring the complexity of the discussions surrounding the disposition of frozen Russian assets.
Navigating International Diplomacy
During their recent summit on February 24, G7 leaders reached a consensus to extend the freeze on assets held by the Russian Central Bank within their respective territories until the cessation of Russia’s aggressive actions against Ukraine.
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Additionally, on February 12, the Council of the European Union took steps forward in developing a mechanism aimed at leveraging surplus profits from these frozen assets within the EU to benefit Ukraine.
Yellen emphasizes the critical importance of finding a means to utilize the $282 billion in frozen Russian assets to support Ukraine. However, she underscores that this pursuit should not divert attention from the pressing need for immediate financial aid that Ukraine urgently requires and which has faced delays in Congress.
