The United States and European Union are working on transferring $300 million worth of frozen Russian assets to Ukraine, a key official in Ukrainian President Volodymyr Zelenskyy’s office said. The move comes amidst the possible suspension of US funding to Ukraine.
Andriy Yermak, Head of Ukraine’s President’s office tweeted, “The USA and the EU are working on legal procedures to transfer $300 billion of frozen Russian assets to Ukraine. It is a very positive signal.” Yermak added that those who violate international law should face the consequences. “Those who kill, destroy, violate international law and the UN Charter must face consequences. This is a matter of justice,” Yermak added.
The United States and several other Western countries froze Russian assets at the beginning of Russia’s invasion of Ukraine, as part of measures to deter Moscow from proceeding with the war. The Kyiv Independent reported the US government and other G7 countries froze over $300 billion in assets from the Russian Central Bank stored abroad at the start of Russia's invasion of Ukraine.
Western nations also sanctioned Russian businessmen and seized their properties for supporting the war against Ukraine. During a visit to Ukraine’s capital Kyiv, US State Secretary Antony Blinken had said, “US plans to fund support for Ukrainian military veterans from assets seized from sanctioned Russian oligarchs. Those who enabled Putin's war of aggression should pay for it.”
The move amidst uncertainties regarding US funding for the ongoing war and weariness among European partners. President Joe Biden said recently, “We cannot under any circumstances allow American aid for Ukraine to be interrupted. We have time, not much time and there's an overwhelming sense of urgency.”
