US President Joe Biden’s administration supports a bill that would allow it to confiscate about $300B in frozen Russian assets for Ukraine’s restoration. Biden supports the move amid congressional Republicans’ reluctance to approve more than $60B in funding for Ukraine, partly due to concerns that Washington is carrying too much of a financial burden.
The Biden administration wants to coordinate the move with the G7 allies, especially in Europe, which hold about $200B in frozen Russian assets and where support for confiscation, especially unilaterally, has been tepid.
The National Security Council supports the measure as part of a series of tools the US is considering to force Russia to pay for war damages.
The topic is expected to be raised at a meeting of G7 leaders on the second anniversary of Russia’s invasion of Ukraine next month.