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The U.S. and its allies are looking for a legal way to unfreeze $300 billion in Russian Central Bank funds sitting mostly in Europe and use them for the benefit of Ukraine. The idea is gaining new traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support. But there are tradeoffs since the weaponization of global finance could harm the U.S. dollar’s standing as the world’s dominant currency. Administration officials caution that even if a legal way can be found to transfer the frozen dollars to Ukraine, the war-torn nation has immediate needs for funds that must be met by other means.

Switzerland generalWorld bankDistrict of columbiaUnited statesThe white houseVolodymyr zelenskyyShalanda youngVladimir putinNicholas mulderSergey aleksashenkoPenny pritzkerWorld economic forumRussia central bankOffice of managementUs congressRussian antiwar committee