Washington reportedly believes the potential move bears too many risks for market stability
The US will not join the EU-spearheaded plan to use frozen Russian assets to bankroll Ukraine, Bloomberg reported on Monday, citing anonymous sources familiar with the discussions.
US officials reportedly conveyed the position to their European colleagues during the International Monetary Fund meeting in Washington last week. The US cited risks to market stability associated with the potential seizure of the Russian assets, one of the sources claimed.
The development constitutes a major setback for the EU, which has been trying to secure broader support within the G7 group for the potential action on the Russian assets, Bloomberg noted.
Western nations froze an estimated $300 billion in Russian assets after the escalation of the Ukraine conflict in February 2022 – some €200 billion ($213 billion) of which is held by the Brussels-based clearinghouse Euroclear. Kiev’s Western backers have already tapped into the revenues generated by the funds to bankroll Ukraine.
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