Bloomberg reported that President Joe Biden is urging the G7 to allocate Russia's frozen funds as Ukraine aid before June. 

The report, published by Bloomberg on Thursday, revealed that Biden aims to utilize the Russian assets for reconstruction projects in Ukraine, alongside already-allocated aid by other Western nations. 

Moreover, Biden has been pushing for the restriction of funds from Russia unless it tangibly vows to reconstruct Ukraine, regardless of the legality of the measure. 

According to the report, the White House National Security Council did not release a statement commenting on the matter. 

Related News

Puerto Rico becomes launchpad for growing US military ops in Caribbean

UK property boom driven by US expats and celebrity moves

Read more: IMF warns of risks from Western seizure of Russian assets

Moscow reminds West that it also has assets in Russia

Russian Finance Minister Anton Siluanov stated a few days ago in an interview with RIA Novosti that if the West applies its threats to Russia and confiscates Russian assets blocked abroad, Russia's response will be unpleasant. He stressed that the West also has assets in Russia that could be endangered if the latter's funds are used.

“This is not a question for us, we are following the decisions of Western countries,” Siluanov emphasized then added "We have frozen no less [of Western funds]. Any actions with our assets will receive a symmetrical response.”

Since the war in  Ukraine began in February 2022, Western countries have frozen an estimated $300 billion in assets belonging to the Russian central bank, which the UK and US have recently threatened to take and use for aiding Ukraine.

On the other hand, in the same context of seizing the funds, the EU has been aiming to use the interest earned from these Russian assets at the clearinghouse Euroclear.