Yellen explained the Biden administration's position during an appearance onThis Week." response to Russia's full-scale invasion of Ukraine in February 2022, the U.S. and "our global coalition partners decided to freeze, to impound in our jurisdiction
"And that amounted to around billion," Yellen added. "And, of that, the vast majority, around billion, are sitting in a Belgian financial institution where they're generating income that does not belong to Russia and had been accruing to that institution. And we have agreed the and our partners have agreed to tap the value of that stream to provide a $50 billion loan to Ukraine that will be paid from those so-called windfall profits that are accruing in this financial institution.