The West continues discussing the confiscation of Russian assets – the US offers to develop a mechanism together with France.

US Treasury Secretary Janet Yellen called on French Finance Minister Bruno Le Maire to help develop options for Ukraine to use frozen Russian assets before a June summit after he publicly rejected Yellen’s proposal to monetize these funds.

Yellen also noted that any plan to confiscate or monetize frozen Russian assets for the benefit of Ukraine cannot be considered a substitute for urgently needed assistance, particularly from the US.

US President Joe Biden wants the G7 countries to progress on plans to use frozen Russian assets before their leaders meet in June. He wants these assets to be used to finance Ukraine’s budgetary needs and later to rebuild Ukraine.

At the same time, the European Central Bank, France, and Germany have expressed the greatest caution regarding the confiscation of Russian assets; they are concerned about Russian retaliation and the potential impact on the EU’s financial stability and the status of the euro.

However, the US and its allies will continue to seek ways to utilize Russian assets.