US President Joe Biden has delegated some of his authority under the legislation that provides for the confiscation of frozen Russian assets to Treasury Secretary Janet Yellen and US Secretary of State Antony Blinken, according to a statement released by the White House on July 23.
The decision comes in response to bills signed by President Biden in April which allow the US to seize frozen Russian assets and provide further military aid to Ukraine, Israel, and Taiwan. The measures were taken amid the ongoing conflict between Russia and Ukraine, where the US and its allies have sought to support Kyiv’s resistance efforts.
Under this delegation of authority, Yellen and Blinken will oversee functions related to the confiscation of Russian assets that are currently frozen in various financial institutions around the world. The funds obtained through these measures will be allocated to support Ukraine as it continues to face aggression from Russia.
However, the move has been met with strong resistance from Moscow. Russian Foreign Ministry Spokeswoman Maria Zakharova stated that if the West confiscates Russian assets, her country will immediately take retaliatory steps. She described the Western intentions of using the proceeds from frozen Russian assets to support Ukraine as “cynical and criminal.
Despite this opposition, the US government remains committed to supporting Ukraine in its fight against Russian aggression. By delegating authority to Secretaries Yellen and Blinken, President Biden has taken steps to ensure that the confiscation of frozen Russian assets can be executed efficiently and effectively, with the ultimate goal of providing much-needed assistance to Ukraine and other allied nations.