Russian assets should remain frozen for now—Secretary Bessent
Russia’s sovereign assets frozen in the West should remain a bargaining chip in negotiations with Moscow, rather than be confiscated immediately, U.S. Treasury Secretary Scott Bessent said on Aug. 27.
“Regarding the frozen Russian assets, I think it’s part of the negotiations with [Russian dictator Vladimir] Putin,” Bessent said in an interview with Fox Business.
“So I don’t think we should confiscate them immediately. It’s one of the key levers in a complex negotiation process.”
He also criticized European Union and other G7 countries for not joining the United States in raising tariffs on India, given that Indian purchases of Russian crude oil represent a significant chunk of Moscow’s revenues.
According to the Treasury Department, U.S. sanctions on Russian oligarchs have frozen about $58 billion in assets, including luxury real estate, yachts, and private jets.
The EU, along with the G7 and Australia, has frozen roughly $280 billion in Russian assets (securities and cash) mostly through the Belgian clearinghouse Euroclear.
In February, EU foreign policy chief Kaja Kallas said there was no consensus among all 27 member states on seizing the frozen assets.
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