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Frozen Russian assets could be ‘easy’ Ukraine funding, says US special envoy
- Ukraine has pushed for the West to seize US$300 billion in frozen Russian assets to pay for the war-torn country’s reconstruction
- Penny Pritzker, US special envoy for Ukraine’s economic recovery, said the G7 has asked ministers to study if Russian assets could be used for Ukraine
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The US special envoy for Ukraine’s economic recovery said on Monday that tapping frozen Russian assets would be an “easy” source of money for Kyiv, but the G7 must first agree collectively to do it.
Penny Pritzker spoke on the sidelines of the first day of the annual meeting of global elites in Davos, Switzerland, where the war in Ukraine figures highly on the agenda.
Ukraine has pushed for the West to seize US$300 billion in frozen Russian assets to pay for its reconstruction.
Ukrainian President Volodymyr Zelensky, who will address the World Economic Forum on Tuesday, said after talks with Swiss President Viola Amherd in Bern that the fate of Russian assets was an “urgent issue”.
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But G7 (Group of Seven major advanced economies) have said any confiscation is fraught with legal problems.
Diplomats say the United States backs such a move but has faced resistance from Europeans, who fear that Russia and other players will stop trusting the West as a safe place for their money.
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“I think there’s enormous hope that the Russian sovereign assets could become an easy source of financing,” Pritzker said at the Ukraine House, whose organisers include the foundation of Ukrainian businessman Victor Pinchuk and asset manager Horizon Capital.
She said the G7 has asked ministers to study if Russian assets could be used for Ukraine.
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