The administration of US President Joe Biden supports a bill that would allow the US to confiscate some of Russia's frozen assets to use them to rebuild Ukraine. It is about $300 billion. This was reported by Bloomberg with reference to a memorandum from the National Security Council (NSC).

The NSC document, which was sent to the US Senate Committee on Foreign Relations the day before, states that the White House "in principle" welcomes the bill that allows for the confiscation of frozen Russian assets.

"The bill would provide the executive branch with the authority necessary to confiscate Russian sovereign assets in favor of Ukraine," reads one of the three documents obtained by the journalists.

The agency writes that the White House's support for the move comes as Republicans in Congress have blocked aid to Ukraine.

It is noted that Washington is thinking about how to properly balance this decision so that the confiscation of Russian assets does not spoil the reputation of the US financial system and does not provoke a flight from the dollar.

The documents obtained by Bloomberg also made it clear that the Biden administration wants to coordinate this step with the G7 allies, especially the European ones, as they hold approximately $200 billion of Russia's frozen assets.

It is worth noting that the European Union is at most considering the possibility of introducing a tax on windfall profits generated by the frozen assets of the Central Bank of Russia, approximately $190 billion of which are held in the Belgian clearing house Euroclear. However, progress on this proposal has been slow, as several key member states, including Germany and France, as well as the European Central Bank, are concerned about the impact this move could have on the stability of the eurozone. There are also concerns that Moscow could retaliate by confiscating funds blocked in Russia.