G7 allies are increasingly supportive of a US plan to raise approximately $50 billion for Ukraine, according to the Financial Times on Monday.
The plan involves a G7 loan secured by future profits from around $350 billion in Russian assets that were immobilized after Russia's invasion of Ukraine, the report noted.
An Italian Treasury source confirmed to AFP that the US plan will be a key topic of discussion for the G7.
Italy, which currently holds the G7 presidency, sees the proposal as a promising avenue worth exploring further.
However, any decision will require the support of the European Union, a strong legal foundation, and will be officially announced when G7 leaders meet in June, the source stated.
"If we stand by as dictators violate territorial integrity and flout the international rules-based order, they have no reason to stop at their initial targets," Yellen said in speech excerpts.
"I believe it’s vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets immobilized in our jurisdictions for the benefit of Ukraine," she added.
Yellen noted that "this will be a key topic of conversation during G7 meetings this week."
Regarding the $50 billion aid package, a senior US Treasury official told reporters on Friday that progress is being made, though no specifics were provided.
In her prepared remarks, Yellen emphasized the need to crack down on Russian sanctions evasion, including through third parties and sensitive goods originating from the US and Europe. She expects the need for collaboration and coordination between Washington and its allies to increase in the future.
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