US Treasury: G7 hasn’t developed preferred strategy for confiscating Russian assets

US Treasury Secretary Janet Yellen said it was "necessary and urgent" to find ways to unlock the value of $285 billion in immobilized Russian sovereign assets to aid Ukraine, saying it would incentivize Moscow to negotiate a just peace in the war, Report informs referring to Reuters.

Washington and its Group of Seven allies have been at odds over what to do with the Russian assets frozen by the US, the European Union, Japan and Canada in 2022 to help Ukraine, which faces an estimated cost of some $486 billion to rebuild and recover. Some European countries fear that any seizure of Russian assets could set a dangerous precedent for the future.

"While we should act together and in a considered way, I believe there is a strong international law, economic, and moral case for moving forward," Yellen said in remarks prepared for a news conference in Sao Paulo ahead of meetings with her G7 and G20 counterparts.

"This would be a decisive response to Russia’s unprecedented threat to global stability. It would make clear that Russia cannot win by prolonging the war and would incentivize it to come to the table to negotiate a just peace with Ukraine."