A final decision on how the assets will be used will rest with the G7 national leaders, including U.S. President Joe Biden, next month at their annual summit in Fasano, in southern Italy
Finance Ministers and Central Bank Governors pose for the family picture at the G7 Finance Ministers meeting in Stresa, northern Italy, May 24, 2024.Finance officials from the Group of Seven rich democracies said they had moved toward agreement on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. But the ministers left a final deal to be worked out ahead of a June summit of national leaders.
Host Finance Minister Giancarlo Giorgetti said that “progress has been made so far” but that there were “legal and technical issues that have to be overcome.” The U.S. Congress has passed legislation allowing the Biden administration to seize the roughly $5 billion in Russian assets located in the U.S., but European countries have a strong voice in the matter since most of the $260 billion in Russian central bank assets frozen after the Feb. 24, 2022, invasion are held in their jurisdictions.
U.S. Treasury Secretary Janet Yellen is pushing for borrowing against the future interest income from the frozen assets. That would mean Ukraine could be given as much as $50 billion immediately.
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