US Secretary of State Antony Blinken has stated that the US intends to use the authority to confiscate frozen Russian assets in the US, which was granted to the American president by Congress, reports CNN.
"Our Congress has given us the power to seize Russian assets in the US. We intend to use it," Blinken said during a speech at the Kyiv Polytechnic Institute during his visit to Kyiv.
He emphasized that Russia must pay for the destruction it has caused in Ukraine.
Blinken said that the US is working with other G7 countries regarding the use of frozen Russian assets.
"The G7 can unlock billions of dollars and send a powerful message to Putin that time is not on his side," the US Secretary of State said.
Right to confiscate
Recently adopted by Congress, the law grants the President of the US the authority to use the procedure for confiscating sovereign assets of the Russian Federation, with the subsequent transfer of the corresponding funds to special funds(Compensation Fund, Ukraine Support Fund). In this regard, the president may coordinate the algorithm for transferring confiscated Russian assets to Ukraine with the G7 countries, the EU, Australia, and other US partners.
Actual state of affairs
The West has effectively refrained from full confiscation of Russian assets due to concerns that it may violate international law and destabilize financial markets.
The European Union is leaning towards using extraordinary revenues, namely interest, from frozen Russian assets for the benefit of Ukraine. These revenues are estimated at 2.5-3 billion euros per year.
The G7 is expected to make a final decision on this issue at the leaders' meeting in June.