Bloomberg: White House Gave Green Light To Confiscate Russia's Frozen $300bn

The money could be used to fund Ukraine's reconstruction.

The administration of US President Joe Biden has backed legislation that would allow the confiscation of some $300 billion in frozen Russian assets for the benefit of Ukraine. Bloomberg writes, citing documents from the US National Security Council.

"The bill would give the executive branch the authority it needs to confiscate Russian sovereign assets for the benefit of Ukraine," says an NSC memorandum referred to by the journalists.

It should be noted that such a move causes concern among US politicians.

After all, the confiscation of frozen assets could "tarnish the reputation of the US financial system". To avoid this, the White House wants to coordinate the issue with its G7 allies in Europe. After all, some $200 billion in frozen Russian assets are held there.

Money from frozen Russian assets could be used to rebuild Ukraine. A senior White House official told Bloomberg that such a law is one of the possible tools to collect money from Russia for the damage it has caused.

The World Bank estimates that at least $411 billion may be needed to rebuild Ukraine after the war.