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U.S. and allies move to tap frozen Russian funds despite Kremlin threats

The United States and its Western allies took a key step Saturday toward using frozen Russian assets to fund Ukraine’s war effort,
moving closer to providing another key financial stream for Kyiv.

Russian officials have suggested they could retaliate by confiscating U.S. and European assets in Russia,
although it’s unclear how much impact such measures could have.


Meeting in northern Italy this week, the top financial officials of the Group of Seven nations agreed in a joint statement to tap the investment returns of “immobilized Russian sovereign assets” to support Ukraine.

The Kremlin has been blocked from accessing hundreds of billions of dollars held in Western financial institutions after invading Ukraine in 2022,
and European and U.S. officials have for months debated whether or how to unlock these funds to help fight off the invasion.


Russia has roughly $280 billion in sovereign assets stashed in Western financial institutions,
the majority of which is held by European firms.

Those funds are now frozen under the U.S.-led sanctions effort.

https://www.washingtonpost.com/business/2024/05/25/russia-assets-ukraine-yellen/