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BBG-Yellen: US Discussing Windfall Tax On Frozen Russia Assets w/EU

US

Bloomberg News reporting that US Treasury Secretary Janet Yellen voiced her support for a windfall tax on frozen Russian assets during an interview with the outlet on 20 September. The report states that Yellen backed "a European Union plan to impose a windfall tax on profits generated by frozen Russian sovereign assets, calling it a “sensible” way to help finance the reconstruction of Ukraine." BBG reports Yellen stating “This seems like a reasonable proposal,” [...], adding that the US is discussing the idea with the EU. “It’s a different thing than seizing the assets.”

  • Both US and EU legal authorities are believed to have come to the conclusion that the outright seizure of frozen Russian assets would breach current law. BBG: "Yellen and other US officials have weighed endorsing the proposal to help unlock the debate over it in Europe, according to a person familiar with the matter."
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