Yellen Signals Support for Windfall Tax on Frozen Russian Assets
- Biden administration has resisted demands to seize the assets
- Yellen says tax can be used to aid in Ukraine’s rebuilding
Janet Yellen
Photographer: Bing Guan/BloombergThis article is for subscribers only.
US Treasury Secretary Janet Yellen voiced support for a European Union plan to impose a windfall tax on profits generated by frozen Russian sovereign assets, calling it a “sensible” way to help finance the reconstruction of Ukraine.
“This seems like a reasonable proposal,” Yellen said in an interview with Bloomberg reporters and editors in New York on Wednesday, adding that the US is discussing the idea with the EU. “It’s a different thing than seizing the assets.”