Yellen To Testify To Senate, US Close To Russian Asset Agreement

Treasury Secretary Janet Yellen is shortly due to deliver testimony to the Senate Appropriations Committee on President Biden’s Budget Request for Fiscal Year 2025. LIVESTREAM

• Comes as the US appears close to brokering an agreement between the G7 and European Union to leverage immobilised Russian assets to procure a loan of around 50 billion Euros to fund Ukraine.
• Reuters notes the money, “would be raised through a bond that could be backed by annual windfall profits generated by the $300 billion of Russian central bank assets frozen in the West… European officials have said that, while seizing the capital of the assets would be legally very risky, using the profits generated by the frozen capital is fine because the profits do not legally belong to Moscow.”
• Treasury Department deputy under secretary for international finance, Brent Nieman, told reporters a short time ago: “US is making progress with partners in considering ways to deliver greater value to Ukraine from frozen Russian assets.”
• White House Press Secretary Karine Jean Pierre said in a statement a few moments ago on President Biden’s upcoming European trip: “Leaders will advance efforts to make use of Russia’s immobilized sovereign assets to help Ukraine as well as actions to continue imposing costs on Russia and those who support Russia’s war effort.”