Yellen says Ukraine loan plan has support, more work needed
Adds details on G7 meeting, concerns about China's industrial policies, paragraphs 3-4, 6-10
By David Lawder
STRESA, Italy, May 25 (Reuters) -U.S. Treasury Secretary Janet Yellen said on Saturday that a loan for Ukraine backed by the income from frozen Russian sovereign assets is the main option for G7 leaders to consider in June, but added that she doesn't want to "take anything off the table as a future possibility."
Yellen told reporters at the end of a G7 finance meeting in northern Italy that the plan has broad support but there is "quite a bit of work to be done" to make it a reality. The 27-member European Union also needs to endorse it, she said.
The G7 finance ministers and central bank governors agreed to explore ways of using the future income from some $300 billion in frozen Russian assets to help Ukraine, according to a draft statement expected to be issued on Saturday. The assets, mostly held in Europe, were immobilized in February 2022.
Yellen has said a loan based on the income could give Kiev as much as $50 billion up front, demonstrating to Russia that combined with EU and U.S. funding, Ukraine has ample resources to defend itself.
"It needs to be fleshed out within the EU so that it can become a proposal that the EU endorses, and that's a lot of countries," Yellen said of the loan plan. "It's not a given, so I'm not saying this is a totally done deal."
G7 finance leaders will put a lot of work into the plan over the next several weeks to get it "fleshed out enough" for G7 leaders to consider at a summit in Italy's southern Puglia region in June, she said.
CHINA CONCERNS
Yellen also said G7 finance ministers voiced "broad-based concerns" about China's vast subsidies for advanced manufacturing and the potential for harm to their own economies. They agreed to monitor the situation closely and noted that it may be appropriate for countries to take trade measures to counter China's industrial policies.
China also may retaliate against the U.S. for new tariffs on Chinese electric vehicles, solar products, semiconductors and other key products, but Yellen noted that the action targeting $18 billion worth of Chinese imports this was not a broad one.
The U.S. imported $427 billion of goods from China last year and exported $148 billion worth to China.
"We've tried to make this rather targeted," Yellen said. "I would hope that the Chinese would be judicious in their choice on what to do."
Reporting by David Lawder
Editing by Keith Weir and Bill Berkrot
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
