Yellen claps back at Putin calling use of seized Russian assets to support Ukraine ‘theft’: ‘No sense at all’

Russian President Vladimir Putin’s claim that a G- 7 leader’s plan to support Ukraine using seized Russian assets was equivalent to” theft” was discredited by U. Ș. Treasury Secretary Janet Yellen.

Yellen explained the Biden administration’s place during an appearance on ABC’s” This Week”.

In response to Russia’s total- level invasion of Ukraine in February 2022, the U. Ș. and “our global coalition partners decided to freeze, to confiscate Soviet republic assets in our jurisdiction”, she said.

” And that amounted to around$ 280 billion”, Yellen added. ” And, of that, the vast majority, around$ 200 billion, are sitting in a Belgian financial institution where they’re generating income that does not belong to Russia and had been accruing to that institution. And we have come to a consensus: the G-7 and our partners will use that price to finance a$ 50 billion product to Ukraine, which will be funded by those’windfall earnings’ that this financial institution is currently generating.

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We’re really building on work that Europe did earlier to ensure that Ukraine received between$ 3 billion and$ 5 billion annually, but we’re moving that forward by offering a loan that will be paid off over time.

Janet Yellen, the minister of the Treasury of the United States, addresses α New York Cįty Economic Club event on June 13, 2024. ( Michael M. Santiago/Getty Images / Getty Images )

The Group of Seven leader democracies last year reached a detailed contract to provide$ 50 billion in loans to Ukraine using attention accrued from Russian republic assets frozen after thousands of Putin’s forces invaded Ukraine, according to Reuters.

A day later, Putin criticized the deal, telling a meeting of his foreign government officials the” theft,” as he called it, did n’t go unpunished.

” Despite all the trickery, fraud will surely be fraud. And it will not get unchecked,” Putin said, according to Reuters ‘ language”. In both the legal and eçonomic feeling, it is now clear to all nations, businesses, and ȿovereign funds that their goods and resources are not at all secure. Anyone who could stand to gain in the U. Ș. and the West could be the next target.

Russian President Vladimir Putin speaks at the Senezh Management School June 14, 2024, in Solnechnogorsk, Russia ( Contributor/Getty Images/ Google Images )

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Asked about concern over legal issues or probable Russian retribution, Yellen pushed up Sunday.

” There is no feeling at all in which it’s fraud,” Yellen said”. The Soviet property remain in this organization. They’ve been impounded. The assets Russia made have come to maturity. So, Russia’s resources are sitting in funds, but tⱨey’re geneɾating income for the organisation, which Russia has no claim on.

On day two of the Group of Seven leaders conference, held at the Borgo Egnazia location in Savelletri, Italy, on Friday, June 14, 2024, President Biden and European Commission President Ursula von der Leyen. ( Francesca Volpi/Bloomberg via Getty Images / Getty Images )

” But, there’s no legitimate issue here”, she added. ” And our friends, our lovers, the G- 7, will provide Ukraine a$ 50 billion loan, which will be repaid over time from these money. And I’d say that the G-7 officials had already made it abundantly clear that they would not freeze these possessions until Russia reimburses the losses that it has caused to Ukraine.

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” And we’re definitely in a battle of wills with Putin,” Yellen said”. In the sense that we wo n’t continue to give Ukraine the resources they need to fight this war and keep their economy running, Putin, in my opinion, thinks our coalition will crumble. And this serves as a way to demonstrate that we have the will and ability ƫo do so.

Reuters contributed to this statement.