The administration of US President Joe Biden has supported legislation that would allow the confiscation of about $300 billion of frozen Russian assets for the benefit of Ukraine. He writes about it Bloomberg with reference to the documents of the US National Security Council.
"The draft law will give the executive power the necessary powers to confiscate Russian sovereign assets for the benefit of Ukraine." - says the NSC memorandum, which is referred to by journalists.
The article states that Biden's support for this move came against the backdrop of Republicans in Congress blocking the allocation of more than $60 billion. in support of Ukraine in part because of concerns that Washington was carrying too much of a financial burden.
The White House is trying to balance this with concerns that such a move could damage the reputation of the US financial system and trigger a flight from the dollar. To prevent this from happening, the White House wants to coordinate the issue with its allies from the "Big Seven" in Europe. After all, about 200 billion dollars of frozen Russian assets are stored there.
"Together with our G7 partners, we are exploring all options consistent with our respective legal systems and international law to help Ukraine obtain compensation from Russia." - says the statement of the US State Department.
Money from frozen Russian assets can be used to pay for the reconstruction of Ukraine. A senior White House official told Bloomberg that such a law is one possible tool to collect money from Russia for the damage caused. According to the World Bank, reconstruction of Ukraine after the war may require at least 411 billion dollars.
To always be aware of the most important things, read us at Telegram
