“It is vital and urgent that we find a way together to unlock the value of frozen Russian sovereign assets in our jurisdictions for the benefit of Ukraine. This will be a key topic of discussion when G7 finance ministers meet this week,” Yellen said in Frankfurt. The G7 finance ministers are meeting from Thursday in Stresa, Italy, where they will discuss a US plan to allow Ukraine to access up to $50 billion in loans backed by frozen Russian assets, according to the Financial Times. Among the frozen assets are a wide range of financial instruments and stakes, such as bank accounts, real estate, shares and bonds held by Russian entities and oligarchs, among others. For Janet Yellen, it is “essential to ensure that Ukraine has the resources it needs to equip its military, provide essential services, and rebuild in the medium and long term.” During her speech, the Treasury Secretary also called for the United States and Europe to continue to work together in a changing economic environment. “This includes our approaches toward the People’s Republic of China,” she said. “China’s industrial policies may seem distant when we are sitting in this room, but if we fail to respond strategically and collectively, the viability of firms in our countries and around the world could be at risk,” she added, after mentioning the risks of dependency on the Asian country. Yellen’s speech was delivered in the presence of the German Finance Minister, Christian Lindner, and the President of the European Central Bank (ECB), Christine Lagarde. Read Also: Ukraine “urgently needs reinforced air defence” (Portuguese version)