17:55 27.02.2024

Yellen: It's necessary and urgent to find way to unlock immobilized Russian assets

1 min read
Yellen: It's necessary and urgent to find way to unlock immobilized Russian assets

U.S. Secretary of the Treasury Janet L. Yellen has said it is necessary and urgent to find a way to unlock the value of immobilized Russian assets to support Ukraine.

"I also believe 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," the U.S. Department of Treasury quoted her as saying at a press conference ahead of the G20 Finance Ministers and Central Bank Governors Meetings in São Paulo, Brazil.

Yellen also welcomed the decision of the European Council clarifying the obligations of central securities depositories that own assets and reserves of the Russian Central Bank, which were frozen due to EU restrictive measures.

Around EUR 260 billion of Russian Central Bank assets were immobilized in the form of securities and cash in the jurisdictions of G7 partners, the EU and Australia, of which more than two thirds were in the EU.

It is assumed that after developing, together with its G7 partners, a mechanism for withdrawing emergency proceeds from Russian assets, the EU could realize the deferred funds in the interests of Ukraine.

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