US "urges" G7 to find ways to seize Russian assets, Treasury Secretary Yellen admits one thing

On December 28, the Financial Times reported that the US has asked experts from the Group of Seven (G7) to find ways to seize $300 billion worth of frozen assets of Russia.

The US proposed that G7 countries seize $300 billion in Russian assets. (Source: Shutterstock)

According to the newspaper, the US - with the support of the UK, Japan and Canada - has proposed to prepare options for seizing these assets for G7 leaders to consider at a meeting that may take place on February 24 next year.

Previously, the New York Times also reported that the administration of US President Joe Biden was quietly signaling that it would "confiscate" more than $300 billion in foreign exchange reserves of the Russian Central Bank deposited in Western countries.

US policymakers are also in urgent discussions with allies about using the money to support Ukraine at a time when funding for Kiev is waning.

US Treasury Secretary Janet Yellen admitted that without congressional approval, the confiscation of more than $300 billion of Russian money would be "against US law".

Some of the country's top officials also fear that seizing Moscow's deposits would make other countries around the world "hesitate to deposit their money at the US Federal Reserve (Fed) or in US dollars".

"Despite weighing the pros and cons, the US government and the G7 are actively discussing and considering whether they can use existing policies or should issue new policies to legalize the confiscation of Russian assets," the New York Times quoted a well-informed source as saying.

Source: https://baoquocte.vn/my-thuc-g7-tim-cach-thu-giu-tai-san-nga-bo-truong-tai-chinh-yellen-thua-nhan-mot-dieu-255479.html