The Biden administration is quietly signaling new support for seizing more than $300 billion in Russian central bank assets stashed in Western nations, and has begun urgent discussions with allies about using the funds to aid Ukraine’s war effort at a moment when financial support is waning, according to senior American and European officials.
Until recently, Treasury Secretary Janet L. Yellen had argued that without action by Congress, seizing the funds was “not something that is legally permissible in the United States.” There has also been concern among some top American officials that nations around the world would hesitate to keep their funds at the New York Federal Reserve, or in dollars, if the United States established a precedent for seizing the money.
But the administration, in coordination with the Group of 7 industrial nations, has begun taking another look at whether it can use its existing authorities or if it should seek congressional action to use the funds. Support for such legislation has been building in Congress, giving the Biden administration optimism that it could be granted the necessary authority.
I’m frankly surprised there’s assets left to give Ukraine at this point?
Like is there any scenario save a second collapse of the Soviet Union level event in which Russia comes out of this war with any of the good will and trust it’d require to start doing business with the West again? Let alone access financial assets held by the west?
Many countries have really strict laws in place when it’s about the government’S ability to seize money, because those who don’t might see opposition funds and then democracy gone…