NYT: Biden administration begins urgent talks on using Russian assets to help Ukraine

Oleh TymchenkoWorld
The decision is expected to be approved by February 24, 2024

The administration of US President Joe Biden has begun urgent talks with allies on the use of frozen Russian assets for military support to Ukraine. We are talking about more than $300 billion.

However, it has not yet been decided whether this money should be used to rebuild the country or for military support. This was reported by the New York Times, citing sources in the US government.

Despite legal reservations, politicians are weighing the consequences of using these Russian assets to help Kyiv in the war effort.

The Biden administration, as noted, is "quietly signaling" new support for the confiscation of more than $300 billion in assets of the Russian Central Bank hidden in Western countries. Urgent discussions have begun with allies about using the funds to help Ukraine's war effort at a time when financial support is dwindling, according to senior U.S. and European officials.

Talks between finance ministers, central bankers, and lawyers have intensified in recent weeks, officials said, with the Biden administration pressing the United Kingdom, Italy, France, Germany, Japan, and Canada to agree on a solution before the two-year anniversary of Russia's full-scale invasion of Ukraine on February 24, 2024.

Among the topics to be discussed are the legal grounds for seizing the funds and their further use. Western governments are considering whether to transfer the money directly to Ukraine or to use it in some other way for the benefit of the defending party. They are also discussing whether the confiscated Russian money will be used for military purposes or left for the reconstruction of damaged infrastructure.

At a briefing on December 21, John Kirby, Strategic Communications Coordinator for the National Security Council at the White House, said that the United States had "spoken with many allies and partners" about the use of Russia's frozen money.

The parties discussed Moscow's role "after the conflict in terms of rebuilding inside Ukraine in the long term." "We are not at a point where we can talk about specific actions and what they will look like," the White House spokesman said when asked.

He refused to give a more specific answer. At the same time, Kirby noted: Russia has destroyed "a terrible amount of infrastructure" and taken "tens of thousands of lives" in Ukraine, and therefore must "take responsibility for this in the long run."

As OBOZ.UA wrote:

- Earlier, the US Congress presented a bill on the seizure and confiscation of assets of Russian oligarchs. The authors of the document propose to use the proceeds to replenish the Ukraine Recovery Fund.

- During his visit to the United States, President of Ukraine Volodymyr Zelenskyy held talks with World Bank President Ajay Banga. Among other things, they talked about how to use the frozen assets of the Russian Federation in favor of our country.

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