Germany supports US proposal to use frozen Russian assets for Ukraine
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The German government is ready to support a U.S. plan to use future proceeds from frozen Russian assets in Europe to provide $50 billion in aid to Ukraine, Bloomberg reported on May 21.
Germany's consent could be a decisive step, bringing Washington and its allies closer to securing a new aid package for Kyiv and guaranteeing U.S. participation regardless of the November election results.
According to U.S. and EU officials, the American proposal will dominate talks between finance ministers and central bankers of the G7 countries, who are gathering in Italy for their annual meeting on May 23.
However, German officials do not expect a final agreement before the June 13-15 meeting of G7 leaders, nor do they expect it to be implemented before 2025.
The key issue is whether the Ukrainian government will be able to remain financially viable through 2025, Bloomberg writes.
International partners aim to secure funding for Ukraine and signal to Moscow that G7 support for Kyiv is unwavering.
U.S. Treasury Secretary Janet Yellen will push fellow G7 financiers to agree to a plan to use proceeds from frozen Russian assets to help Ukraine, Reuters reported on May 18.
Confiscation of Russian assets
The U.S. Senate Foreign Relations Committee approved a bill on Jan. 24 that would help confiscate Russian assets and transfer them to Ukraine to rebuild its infrastructure.
Earlier, U.S. Secretary of State Antony Blinken said the U.S., along with the EU, was considering legal authority to direct $300 billion of Russian assets to Ukraine for reconstruction and other needs.
Ukrainian President Volodymyr Zelenskyy said the outlines of the necessary decisions to transfer frozen Russian assets to Ukraine are already being prepared.
Bill No. 8038, which proposes the transfer of frozen Russian assets to Ukraine, received enough votes to pass the U.S. House of Representatives on April 20. Ukraine may receive $8 billion as part of this procedure. The bill now awaits approval by the U.S. Senate.
Blinken confirmed during a visit to Kyiv on May 14 that the U.S. intends to use seized Russian assets to finance Ukraine's recovery.
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