According to Janet Yellen, the loan proposal has garnered significant support. The US Treasury Secretary estimates that the income from the frozen Russian assets amounts to approximately $3 to $5 billion annually, RBC Ukraine reported.

“So we’re hopeful that this can be worked into something to be presented to the leaders at the upcoming G7 meeting,” Yellen said.

The White House also said that any decision regarding the monetization of around $300 billion from frozen Russian assets must be made in coordination with allies and other countries.

Ukraine’s allies from the Group of Seven are discussing the possibility of using Russia’s frozen assets to benefit Ukraine. The US proposes granting Ukraine a $50 billion loan secured by Russian assets.

G7 finance ministers made some progress on this issue during their meeting at the end of May.

The head of the World Bank stated that he would agree to manage the G7 credit fund for Ukraine if an appropriate decision is made.

Earlier in April, the Kremlin said that any move by the United States to seize frozen Russian assets would be illegal, set a dangerous precedent, and be challenged in court.

Kremlin spokesman Dmitry Peskov said Russia now has grounds to confiscate Western assets after the US legislation was passed. Moscow has already placed some Western assets under temporary management and forced scores of asset transfers from foreign to domestic buyers at discounts of at least 50%.

SD/PR