G7 shows growing support for greater use of Russian assets to help Kyiv – US official

The mechanism of using Russia's frozen assets as collateral to increase aid to Ukraine is still being discussed at the Group of Seven level, with tangible actions expected at the group's summit in June. Source: Wally Adeyemo, US Deputy Treasury Secretary, answering a question of a European Pravda correspondent in Kyiv Details: According to Adeyemo, the Group of Seven is working to create an acceptable way for all members to use frozen assets, particularly because the majority of them are frozen in the EU.

He recalled that the European Union had already resolved to levy taxes on surplus profits from frozen Russian assets, but inside the Group of Seven, the idea of more active use of these excess revenues is gathering "more and more support."

"One of the things we are considering is, instead of just taking these tremendous profits for one year and sending them to Ukraine, could we somehow secure a loan or build a collateral mechanism that would allow us to use more of these revenues and provide them to Ukraine?" the American official explained. He added that this is one of a number of ideas for assets that the G7 leaders will consider at the summit in June, after which "we will receive political guidance on how we can best use these assets to support the Ukrainian people." According to media sources, the United States suggested to the Group of Seven a plan to use excess revenues from frozen Russian assets, which could potentially bring US£50 billion.

At the same time, Ukraine's Foreign Minister Dmytro Kuleba warned that Ukraine insists on collecting and transferring to it all frozen assets in the West, the value of which is estimated at US£300 billion.

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