On Tuesday, U.S. Treasury Secretary Janet Yellen expressed the need for the G7, a group of economically advanced countries, to promptly take control of around $285 billion in Russian assets that have been frozen, and reallocate the money to Ukraine.

There has been increasing pressure on the United States and Europe to utilize the funds. While Yellen stated that there is not a favored approach to tackle the problem, she also emphasized that the G7 comprises over 50% of the world economy and thus, any actions taken should be done collectively.

During a press briefing in Sao Paulo, Brazil, Yellen announced that America and its partners are examining strategies to transfer the assets and associated risks. G7 executives requested for proposals to be presented in June.

During a conversation with reporters in Brazil, Yellen expressed the importance and urgency of our coalition finding a solution to release the value of these frozen assets in order to support Ukraine’s ongoing resistance and future reconstruction efforts.

Before the meeting of the G20 nations on Wednesday and Thursday, Yellen made remarks regarding the issue at hand. Officials from the G7 have also announced plans to convene during the meeting in Brazil to address methods for aiding Ukraine.

There have been numerous requests for the West to transfer frozen assets to Ukraine. However, there are concerns that doing so may weaken currencies such as the dollar, euro, or Japanese yen if this involves taking action against Russia.

Yellen addressed the worries by stating that a significant change in currencies is highly improbable. She justified this by highlighting the distinctive nature of the circumstance.

She stated that there is a compelling justification, based on international law, economics and morals, to proceed with redirecting the assets. Furthermore, she believes this action would send a message to Russia that Ukraine’s allies are united in their support.

Additionally, she stated that united efforts from multiple parties could potentially motivate Moscow to engage in peaceful negotiations with Ukraine. The country is in need of approximately $486 billion in order to rebuild and recover from the impact of the war.

The data in this report originated from Reuters and Agence France-Presse.