Yellen Pushes For Use Of Frozen Russian Assets For Ukraine

Treasury Secretary Janet Yellen has advocated strongly for the liquidation of approximately $300 billion in frozen Russian Central Bank assets, proposing that the funds be allocated for Ukraine’s long-term reconstruction efforts, according to a report by Fatima Hussein for the Associated Press (AP).

Yellen underscored that utilizing these assets to aid Ukraine would not only signal that Russia cannot prevail by prolonging the conflict but also incentivize Moscow to engage in negotiations for a just peace. I Photo: Secretary Janet Yellen X

Speaking at a Group of 20 finance ministers and central bank governors meeting in Sao Paulo, Brazil, Yellen emphasized the necessity and urgency of unlocking the value of these immobilized assets to support Ukraine's resistance and reconstruction.

She asserted that there is a compelling case, both legally and morally, for taking this action, characterizing it as a decisive response to Russia's destabilizing threat to global stability.

The funds, frozen by the US and its allies in retaliation for Russia's invasion of Ukraine, have remained untapped amid ongoing debates regarding their legality and appropriate use.

Yellen underscored that utilizing these assets to aid Ukraine would not only signal that Russia cannot prevail by prolonging the conflict but also incentivize Moscow to engage in negotiations for a just peace.

While more than two-thirds of Russia's immobilized central bank funds are held in the EU, Yellen's call for action underscores the importance of international cooperation in addressing the humanitarian and geopolitical challenges posed by the ongoing conflict in Ukraine.

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