US supports EU’s new measures to use frozen Russian assets to support Kyiv

The Power of Collective Action: Global Efforts to Hold Russia Accountable for Ukraine’s Suffering

In a recent press conference, Matthew Miller, the spokesperson for the United States Department of State, expressed satisfaction with the European Union’s decision to allow profits from frozen Russian assets to be used to support Ukraine. During the conference, Miller emphasized that the US is encouraged by any actions taken by the EU to use Russian assets for the benefit of Ukrainians. He also noted that ongoing discussions are taking place with allies and partners, including the G7, on additional measures that can be implemented within respective systems and international law to make Russia cease its aggression against Ukraine.

Miller assured that the US will continue working with allies and partners to utilize all available channels to ensure that Russia is held accountable for the damage caused in Ukraine. The EU has recently adopted a decision and regulation clarifying the obligations of Central Securities Depositories (CSD) that hold assets and reserves of the Russian Central Bank, which have been immobilized due to EU restrictive measures. This represents ongoing efforts by the international community to hold Russia accountable and provide support to Ukraine.

Since the invasion of Ukraine, around €260 billion in Russian Central Bank assets have been blocked by international community efforts, two-thirds of which are immobilized in the EU. Additionally, €19 billion in individual and company funds have been frozen due to their support for the war. These actions demonstrate a commitment by both private sector actors and governments alike to hold Russia accountable for its actions against Ukraine and ensure that Ukraine receives assistance during this difficult time.

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