Collaborative Plan to Monetize Russian Assets for Ukraine Aid

The White House emphasized the need for a coordinated international effort to monetize $300 billion in frozen Russian assets to support Ukraine. Discussions on the matter will occur during President Biden's upcoming visits to France and a G7 summit in Italy. Global cooperation is essential for successful implementation.

The White House on Tuesday said a solution for monetizing some $300 billion in frozen Russian assets to aid Ukraine must be hammered out together with allies and other countries. White House spokesperson John Kirby told reporters the issue was expected to come up during President Joe Biden's visit to France this week and then during a summit with Group of Seven leaders in Italy next week, but declined to say if an agreement was imminent.

He underscored the need for a coordinated action. "We can't do that unilaterally because ... the assets are held all over the world. And so we got to have participation and assistance with our allies and partners or it won't work," he said.