Biden backing legislation that'd let it seize some of $300bn in frozen Russian assets

<p>Bloomberg news with the report, citing information its seen from the US National Security Council (NSC)</p><ul><li>President Joe Biden’s administration is backing legislation that would let it seize some of $300 billion in frozen Russian assets to help pay for reconstruction of Ukraine</li><li>White House seeks to rally support in Congress to further fund the war against Putin’s forces</li><li>“The bill would provide the authority needed for the Executive branch to seize Russian sovereign assets for the benefit of Ukraine” </li></ul><p>—</p><p>The freezing of assets like this has helped fuel the (still small) move away from the US dollar amongst some countries (Russia, China, Iran and the other usual suspects). News like this could kick such moves up a gear. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.