In a recent development reported by Bloomberg, the Biden administration has supported the idea of confiscating frozen Russian assets. This bold move comes as the US prepares to seize approximately $300 billion worth of Russian funds, a decision welcomed by the National Security Council of the United States. The initiative, primarily aimed at funding Ukraine's reconstruction, has been met with mixed reactions. While some view it as a necessary step in holding Russia accountable, others raise concerns about the implications of such a move for international norms and property rights. The proposed legislation, currently under review by the Senate Committee on International Relations, would grant executive authority to confiscate these assets. This decision by the White House is partly driven by challenges faced in Congress regarding the allocation of financial aid for Ukraine. The US authorities are looking to coordinate these measures with G7 allies, particularly European states, where about $200 billion of the frozen Russian assets are located, according to Bloomberg. However, the unilateral appropriation of these assets lacks widespread support. Janet Yellen, the US Treasury Secretary, has acknowledged the potential risks to the US dollar that could arise from the seizure of Russian assets, indicating the complexity of the situation and the need for a cautious approach.
