White House supports the idea of confiscation of frozen russian assets

The administration of US President Joe Biden has supported legislation that would allow for the confiscation of about $300 billion in frozen russian assets in favor of Ukraine.

"The bill would provide the executive branch with the authority necessary to confiscate russian sovereign assets in favor of Ukraine," the NSC memorandum cited by journalists said.

It is noted that such a step is causing concern among American politicians. After all, the confiscation of frozen assets could "tarnish the reputation of the US financial system." To prevent this from happening, the White House wants to coordinate the issue with the G7 allies in Europe. After all, about $200 billion of frozen russian assets are stored there.

Money from frozen russian assets could be used to pay for the reconstruction of Ukraine.

Source: Bloomberg