Official statements from the German government or relevant news sources

US, EU Move Closer to Using €30 Billion in Frozen Russian Assets to Trump-Proof Ukraine Aid

May 21, 2024, 06:35 AM

The United States and European Union are moving closer to using frozen Russian assets to support Ukraine, with discussions centering on a €30 billion loan. G7 finance ministers are set to debate the legality of using €270 billion in frozen Russian state assets as collateral. The initiative aims to secure funding for Ukraine before a potential return of Donald Trump to the White House, effectively 'Trump-proofing' the aid. European G7 members are warming to the US plan following a diplomatic push. US Treasury Secretary Janet Yellen has been actively involved, urging European banks to comply with sanctions against Russia and exploring new ways to reduce Russia's revenues. Germany has expressed readiness to support the US plan, which also includes a $50 billion loan package for Ukraine. The New York Times reported on the US and EU's movement towards utilizing Russian assets.