Published February 28, 2024
Treasury Secretary Janet Yellen on Tuesday called for the US and its allies to hand $300 billion in frozen Russian central bank funds to Ukraine, a step that would significantly escalate the Western economic war against Russia.
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in Brazil, where Group of 20 finance ministers are meeting this week, according to The Associated Press.
The comments from Yellen mark her most supportive statement of the outright theft of Russian funds to finance the war in Ukraine. The call comes as the Biden administration is still struggling to get Congress to pass the $60 billion it’s seeking to fuel the conflict.
“I believe there is a strong international law, economic, and moral case for moving forward. This would be a decisive response to Russia’s unprecedented threat to global stability,” Yellen added.
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SOURCE: www.zerohedge.com
RELATED: Yellen: Moves to unlock value of frozen Russian assets ‘necessary and urgent’
U.S. Treasury Secretary Janet Yellen speaks during a press conference to highlight her key priorities for the G20 Finance Ministers and Central Bank Governors meetings, in Sao Paulo, Brazil, February 27, 2024. REUTERS/Carla Carniel Purchase Licensing Rights
Published February 28, 2024
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SOURCE: www.reuters.com
RELATED: Yellen urges world leaders to ‘unlock’ frozen Russian Central Bank assets and send them to Ukraine
Treasury Secretary Janet Yellen has offered her strongest public support yet for unfreezing about $300 billion in Russian Central Bank assets to help rebuild Ukraine. (Manuel Balce Ceneta / Associated Press)
Published February 28, 2024
WASHINGTON — Treasury Secretary Janet L. Yellen has offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine‘s long-term reconstruction.
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in remarks in Sao Paulo, Brazil, where Group of 20 finance ministers and central bank governors are meeting this week.
“I believe there is a strong international law, economic, and moral case for moving forward,” she said. “This would be a decisive response to Russia’s unprecedented threat to global stability.”
The United States and its allies froze hundreds of billions of dollars in Russian foreign holdings in retaliation for Moscow’s invasion of Ukraine. Those billions have been sitting untapped as the war grinds on, now in its third year, while officials from multiple countries have debated the legality of sending the money to Ukraine. More than two-thirds of Russia’s immobilized central bank funds are located in the European Union.
