US Seeks French Help to Use Russian Assets for Ukraine

Written by Camilla Jessen

Mar.01 - 2024 2:20 PM CET

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Photo: Alexandros Michailidis / Shutterstock.com
Photo: Alexandros Michailidis / Shutterstock.com
US Treasury Secretary Janet Yellen calls on France to explore legal avenues for utilizing frozen Russian assets to support Ukraine

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US Treasury Secretary Janet Yellen has approached French Finance Minister Bruno Le Maire for assistance in finding ways to utilize the frozen assets of the Russian Federation to support Ukraine, according to a report by Reuters. This conversation is part of the lead-up to the upcoming G7 leaders' summit in June, where the disposition of these assets is to be a central topic.

This request came in the wake of Le Maire's public disagreement with Yellen's opinion on the legality of converting these assets into funds.

The US, alongside its allies, remains committed to exploring methods to leverage frozen Russian assets, ensuring that any proposed actions are legally sound.

In a recent public statement, Bruno Le Maire voiced his opposition to Yellen's approach towards handling the frozen Russian assets, indicating a significant divide within the G7 nations.

Navigating International Diplomacy

At their last summit on February 24, the G7 leaders agreed to maintain the freeze on the assets of the Russian Central Bank within their territories until the conclusion of Russia's aggressive actions against Ukraine.

Furthermore, on February 12, the Council of the European Union made progress toward establishing a mechanism to utilize the excess profits from these frozen assets in the EU for Ukraine's advantage.

Yellen asserts that while finding a way to use the $282 billion in frozen Russian assets for Ukraine is crucial, it should not detract from the immediate financial assistance that Ukraine urgently needs but has been delayed by Congress.

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