Yellen: Let's use the $300 billion in frozen Russian assets to help Ukraine

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U.S. Treasury Secretary Janet Yellen offered maximum public support to Ukraine during her news conference in Sao Paulo, Brazil, where the G20 summit of economic and finance ministers and central bankers is scheduled, saying “it is necessary and urgent” to find a way forward to find allies to release some $285 billion worth of Russian assets frozen after the invasion and use them to “long-term support Ukrainian resistance and reconstruction.”

“I believe there are legal, economic and moral reasons to continue.” It would be, he said, a fundamental response to Russia’s unprecedented threat to global stability. It would make it clear to Russia that it cannot win by prolonging the war, and it would create an incentive for Russia to come to the negotiating table to negotiate a just peace with Ukraine.” Over two-thirds of frozen Russian assets are located in the European Union.

Global economy better than expected

Yelle then focused on the global economic situation. “Last year, global growth was robust and stronger than expected,” he noted. “Global growth was 3.1%, exceeding expectations. Inflation is falling and is expected to fall further in around 80% of economies this year. As we move forward, we remain aware of and continue to monitor the risks facing the global outlook. But the economy remains resilient.”

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