Yellen: The United States and G7 allies are exploring the release of frozen Russian assets.

Enlarge the picture. US Treasury Secretary Janet Yellen said that the United States and the Group of Seven (G7) allies are continuing to explore a range of possibilities to release nearly $300 billion (about HK$2.34 trillion) of frozen Russian assets for assistance to Ukraine.

At a news conference held during a break at the International Monetary Fund (IMF) and the World Bank's spring meetings in Washington, Yellen said she was concerned that domestic debates in the United States and other countries about continuing to assist Ukraine would make Russia more audacious. Ukraine needs a continuous stream of support, which drives the exploration of using frozen Russian assets.

She pointed out that she has had multiple conversations on this issue and will discuss the issue at today's G7 meeting. The United States and G7 are absolutely committed to supporting Ukraine, and she urges Congress to approve the much-needed military and budget support.

A senior US Treasury official quoted by Reuters said that no option has been ruled out, but even if all frozen assets are seized, Ukraine does not have the ability to absorb the full amount at once. Discussions will continue this week, but no significant progress is expected, and the final decision will be made by the G7 leaders.

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