According to the official, “no decision has been made” on the possible confiscation and use of Russian assets to help Ukraine.
The minister explained that the G7 would have to agree on a legal basis to move forward on the issue. She added that the potential impact of such a move on the dollar is worrisome. According to Yellen, the G7 needs to address the fears that will arise after a possible confiscation that it is not safe to hold assets in the US and Europe.
At the end of December 2023, Reuters reported that during a meeting in February 2024, G7 leaders will discuss a theory developed by the US on a legal justification for the possible confiscation of $ 300 billion in frozen Russian assets.
According to the news agency, US representatives do not expect G7 members to announce a decision to confiscate Russian assets at the group’s February meeting, but they hope G7 leaders will “agree to make a stronger statement” on the issue.
The confiscation will require changes in the laws of a number of countries, including the US and the UK.
The Financial Times reported earlier that the US has suggested that G7 countries explore possible ways to confiscate frozen Russian assets.
The newspaper said that in December 2023, G7 finance ministers and their deputies discussed how to develop a confiscation mechanism and how to avoid the risks involved.
Germany, Italy and France said that the legality of confiscating Russian assets should be carefully examined before decisions are made, the newspaper said.
Last year, Kremlin Spokesman Dmitry Peskov said that violations of property rights – whether private, state, or corporate – were absolutely unacceptable. He promised that Russia would defend its interests as much as possible.
MNA/PR
