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The U.S. Is Looking to Use Russian Assets to Aid Ukraine The U.S. Is Looking to Use Russian Assets to Aid Ukraine
(32 minutes later)
The Biden administration has quietly signaled support for seizing more than $300 billion in Russian central bank assets held in Western countries and using the funds to aid Ukraine’s war effort.The Biden administration has quietly signaled support for seizing more than $300 billion in Russian central bank assets held in Western countries and using the funds to aid Ukraine’s war effort.
Until recently, Treasury Secretary Janet Yellen had argued that seizing the funds without congressional action would be illegal. Others had cautioned that it would cause concern among other nations that are holding their funds in the U.S. Seizing such a large sum of money from another sovereign nation would be without precedent.Until recently, Treasury Secretary Janet Yellen had argued that seizing the funds without congressional action would be illegal. Others had cautioned that it would cause concern among other nations that are holding their funds in the U.S. Seizing such a large sum of money from another sovereign nation would be without precedent.
But with financial support waning, and Ukrainian leaders warning of the dire consequences, American officials have begun urgent discussions over whether to use existing authorities or seek congressional action to use the funds.But with financial support waning, and Ukrainian leaders warning of the dire consequences, American officials have begun urgent discussions over whether to use existing authorities or seek congressional action to use the funds.
A small portion of the Russian assets, perhaps $5 billion or so by some estimates, is in the hands of U.S. institutions. As a result, diplomatic negotiations are underway over how to gain access to funds held in Europe.A small portion of the Russian assets, perhaps $5 billion or so by some estimates, is in the hands of U.S. institutions. As a result, diplomatic negotiations are underway over how to gain access to funds held in Europe.
The talks among finance ministers, central bankers, diplomats and lawyers have intensified in recent weeks, officials said, with the Biden administration pressing Britain, France, Germany, Italy, Canada and Japan to come up with a strategy by Feb. 24, the second anniversary of the invasion.