NYT: US believes that seizure of Russian assets will cause distrust of other countries The Biden administration fears that if Washington confiscates the assets of the Russian Central Bank, other countries will no longer see the US as a “country for holding investments.” Treasury Secretary Janet Yellen Calls Confiscation of Reserves Illegal about doubts in the US about the confiscation of Russian assets” />
Officials in the administration of US President Joe Biden cannot agree on the issue of confiscating frozen Russian assets and transferring them to the restoration of Ukraine, according to The New York Times.
may be illegal and prevent other countries from relying on the United States as a host country for investments. writes the publication.
The confiscation of Russian assets was the main topic of the meetings of representatives of the G7 countries in May, the idea was supported by Germany and Canada. In addition, last week the finance ministers of Estonia, Latvia, Lithuania and Slovakia called on the EU to transfer frozen Russian assets to Kyiv. However, the United States is approaching the issue more cautiously, writes the NYT.
Administration officials are discussing whether to join the efforts of the EU countries to confiscate the foreign exchange reserves of the Russian Central Bank, including in dollars and euros. According to the publication, some officials believe that this move could encourage central banks in other countries to transfer their assets from dollars to other currencies and “keep them out of the hands of America.”
According to the newspaper, only part of Russian assets, the main volume— in Europe, including the Bank for International Settlements in Switzerland.
In mid-May, US Treasury Secretary Janet Yellen said that Washington and its allies had blocked Russia's access to about $300 billion in reserves. In the United States, confiscation of the assets of the Russian Central Bank and transferring them to Ukraine is not legally possible, although such an idea is natural given the “enormous destruction and costs of restoration,” she pointed out.
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German Finance Minister Christian Lindner, in turn, said that he was “politically open” to the idea of confiscation of foreign assets of the Russian Central Bank, which is being discussed among members of the G7 and the EU, and in the case of private assets, it is necessary to carefully study the legislation.
Amid the discussion of this issue, President of Ukraine Volodymyr Zelensky suggested that partner countries conclude an international treaty , according to which the confiscated funds will be sent to a specially created fund in favor of those who “suffered from the actions of the Russian army.”
Russian President Vladimir Putin said that violation of international norms and “theft of other people's assets” will only lead to problems for those who do it. The Bank of Russia, in response to the freezing of reserves, announced mirror measures “for a comparable amount.” The regulator banned foreign investors from selling securities or withdrawing funds abroad. In addition, until the end of March, non-residents from unfriendly countries were prohibited from making money transfers abroad.