Ukraine's allies are looking for ways to squeeze money out of frozen Russian assets and use the money to help Ukraine fend off Russia's invasion
File - G7 finance ministers and central bank governors arrive for a group photo at their meeting in Niigata, Japan, on May 12, 2023. G7 finance ministers will gather in Stresa, Italy, May 24-25, 2024, in search of ways to squeeze more money for Ukraine out of Russian central bank assets frozen in Europe and the U.S.
U.S. Treasury Secretary Janet Yellen said during a speech Monday in Frankfurt, Germany, that “it’s vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets in our jurisdictions for the benefit of Ukraine.” Ukraine depends on its allies for that money because the war keeps the government from accessing international bond market borrowing. The alternative would be printing money at the central bank, which risks igniting hyperinflation.
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